Who received the N75Bn CBN loan? That is one of the questions on the lips of millions of Small and Medium Enterprises (SMEs) who applied but were not selected for the National Youth Investment Fund (NYIF) loan.
The NYIF loan is an initiative of the Federal Ministry of Youth and Sports in collaboration with the Central Bank of Nigeria (CBN) and the Finance Ministry.
In April 2020, the Federal Government explained the rationale behind its move to reduce the amount allotted to each beneficiary at N300K.
In InfomediaNG July update, we highlighted seven major reasons why your NYIF funds application was rejected, find it at: https://infomediang.com/why-your-nyif-loan-was-rejected
Who received the NYIF loan?
While there are hundreds of Nigerians who shared testimonies about COVID-19 SME and Household loans, hundreds of others are alleging that the NYIF loan wasn’t as transparent as other post-pandemic credit facilities.
But the apex bank has come out to release the total number of SMEs and individuals who benefited from the NYIF loan.
According to the CBN’s Monetary Policy Committee, 2,646 SMEs and 4,411 individuals benefited from N3, 000,000,000 it released for the youth loan as at July 27, 2021
The loan which was disbursed by Nirsal Micro Finance Bank (NMFB) had received at least 3,000,000 applications for the initial N12.5 billion the CBN made available.
Don’t forget that the government budgeted N75 billion for the Nigerian Investment Fund (NYIF) in July 2020 to support the youth in their businesses and innovative ideas.
Other Credit Facility BY Nigeria’s Apex Bank
Apart from NYIF loan, other post-covid-19 credit facilities being financed by the CBN include the Anchor Borrowers’ Programme (ABP) for the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS).
For the AGSMEIS loan, the sum of N121.57 billion had been disbursed to 32,617 beneficiaries at the time of publication, though some applicants say supervisors of the programme exploited them through a business plan and EDI training.
TCF known as Targeted Credit Facility got N318.17 billion, where 679,422 beneficiaries have benefited which comprises of 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs). Smallholder farmers is also one of them which is expected to gulp N120.24 billion.