Investment Fund: Ministry Of Youth And Sports Reacts To Alleged Misappropriation Of N75b - The Source

ADVERTISEMENT
  • Landing Page
  • Shop
  • Contact
  • Buy JNews
  • Login
The Source
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
The Source
No Result
View All Result
Home News

Investment Fund: Ministry Of Youth And Sports Reacts To Alleged Misappropriation Of N75b

The Source by The Source
September 28, 2021
in News
0
Investment Fund: Ministry Of Youth And Sports Reacts To Alleged Misappropriation Of N75b
0
SHARES
19
VIEWS
Share on Facebookshare on whatsappShare on Twitter

The Ministry of Youth and Sports Development has had its attention drawn to a mischievous and misleading report by some media organizations on an alleged misappropriation of N75billion Nigeria Youth Investment Fund (NYIF).

The publication of a mere press release deriving from a frivolous petition that contained fallacious claims and unfounded allegations is itself appalling and questionable. A simple check with the Ministry would have provided factual information as against the gross misinformation displayed. Further routine checks would have alerted editors of credible platforms to the wily schemes of these discredited journeymen.

For the records, approval for NYIF was for N25 billion annually for 3 years, amounting to N75 billion. 2021 is the first year and less than N3 billion has been released.

Under this first phase disbursed by the NIRSAL Microfinance Bank, 5,285 beneficiaries got soft loans with a total value of N1,661,370,000.00. The amount represents 55.38% of the N3 billion provided by the Central Bank of Nigeria (CBN) for the first phase.

The total number of undisbursed and unqualified applicants for the phase stood at 769 valued at N599,485,000.00. Of this numbers, 322 are yet to accept the loan offer, 26 failed NUBAN 149 failed payment, one (1) applicant rejected the loan offer and 587 are yet to apply for the loan via the NMFB loan application portal.

Names of beneficiaries have been published on the Ministry’s website and also the newspapers.

The Ministry had transparently declared that some applicants were not qualified for loan disbursement because they did not provide valid or correct contact details for communication on further steps in their application; applicant has existing AGSMEIS or COVID-19 Loan and that an applicant is older than 35 years old, which puts them beyond the age bracket for youth.

Other reasons are that the applicant has a poor credit rating or currently has a non-performing loan, applicant failed to provide a valid BVN and provided incomplete or incorrect BVN. This information is in the public domain.

Beneficiaries and applicants have been consistently reminded that the Nigeria Youth Investment Fund (NYIF) disburses repayable loans to the youth and not grants.

Be the first to read it our next BREAKING NEWS, POLITICS, METRO. Click here to join our WhatsApp group

Tags: Investment FundSportsYouth
Previous Post

China Faces Electricity Crunch, Factories, Homes Affected

Next Post

Why I rejected Award Of Excellence From N-Power Beneficiaries – Lawmaker, Oluga

The Source

The Source

Related Posts

Adeleke’s Aid, Ifedayo, commends selfless service of Sen. Fadahunsi wife, Victoria on her birthday
News

Adeleke’s Aid, Ifedayo, commends selfless service of Sen. Fadahunsi wife, Victoria on her birthday

by The Source
June 4, 2025
Ondo Assembly passes N395bn Appropriation Bill for 2024 Ondo-Assembly
News

Ondo Deputy Speaker Resigns, Majority Leader Steps Down

by The Source
June 3, 2025
FG asks Governor Adeleke to suspend Osun LG election, says court has reinstated APC Chairmen
News

Osun LG Crisis: Group Slams AGF over Alleged Attempts to Reinstate Sacked LG Chairmen

by The Source
June 3, 2025
Killings: Buhari Is Nigeria’s Problem – Aisha Yesufu
News

Coalition Against Tinubu: Aisha Yesufu Cautions Nigerians

by The Source
June 3, 2025
Mother, Sons In Prison For N4.5m Theft
News

Supreme Court to Rule on Gwandu Emirate Tussle

by The Source
June 3, 2025
Next Post
Osun Media Practitioners’ Holds Media Parley With Osun Federal Lawmaker, Taiwo Oluga

Why I rejected Award Of Excellence From N-Power Beneficiaries - Lawmaker, Oluga

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tags

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Categories

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tag

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Recent Posts

  • Adeleke’s Aid, Ifedayo, commends selfless service of Sen. Fadahunsi wife, Victoria on her birthday
  • Ondo Deputy Speaker Resigns, Majority Leader Steps Down
  • Osun LG Crisis: Group Slams AGF over Alleged Attempts to Reinstate Sacked LG Chairmen

© 2022 The Source Nigeria.

No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament

© 2022 The Source Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In