Sunday Dare, the Minister of Youth and Sports Development, has reacted to reports concerning the delay in the disbursement of the Nigeria Youth Investment Fund.
He said the ministry would begin the disbursement of the NiYIF at any moment.
“Funds for the NYIF have actually been disbursed to the Paying Financial Institutions that will make the payments to those who have been screened and are qualified to get the loans.
"It is not true that the ministry is delaying the disbursement for cynical reasons.
“The Ministry only got its first funds released in January 2022. The NYIF is a loan, and there are processes for this. The grants are in phases, depending on the scale of one’s business or enterprise.
"Over 3.9 million youths applied for the grant, but not everyone qualified, and among those that are qualified, not every one of them would get N3 million.
"Some may get about N250,000, some N500,000, and others N3m, depending on the evaluation and scale of their enterprises. Disbursements will begin any moment from now.
“About 25,000 youths have applied and have been contacted for this next phase of disbursements. All these have to go through some stringent procedures to ensure that there are no mistakes.
"Some of those who are qualified could confirm that they have been contacted via email to authenticate the process and be sure of their identities.
"We believe that it is better to take extra care and ensure there are no mistakes and that those deserving of these loans get them than to rush things and discover some errors.”