FMYSD Debunks N75Bn NYIF Fund Release Allegations

FMYSD Debunks N75Bn NYIF Fund Release Allegations

NYIF Youth Investment Fund - FMYSD Debunks N75Bn NYIF Fund Release Allegations - No Seventy Five Billion Naira (N75 Billion Naira ) released, Federal Ministry of Youth and Sports Development Debunks false allegations.

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In the latest press Statement release by FMYSD on its Facebook page, the ministry wrote:

1. The FMYSD has had its attention drawn to a mischievous and ignorant allegation made by a discredited and self-acclaimed President of the NYCN which was circulated, syndicated, and reported by some newspapers on the alleged misappropriation of 75billion Naira Nigeria Youth Investment fund (NYIF). With no effort made to ascertain the facts.

2. There is no N75B released. Approval for NYIF was for 25B per annum for 3 years. 2021 is the first year and only 3B has been released and 2B disbursed as part of the ongoing process. Over 5,200 youth have benefited. The disbursement was handled solely by CBN and NIRSAL. Not a kobo was released to the account of the Federal Ministry of Youth and Sports.

3. Names of the 5,200 beneficiaries can be found on the official website of the Ministry of Youth and Sports Development as published In June 2021. Names of beneficiaries were also published in the Nation newspapers of June 21, 2021.

4. Full details of beneficiaries, applicants, sector, loan amount, and reasons why applications were rejected have been published and are in the public domain.

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5. The publication of a mere press release that contained fallacious claims and unfounded allegations by the publications is itself appalling and questionable. A simple check or clarification from the Ministry would have provided factual information against the ignorance displayed.

6. The general public is hereby advised to be wary of peddlers of falsehood and publications lacking in facts sponsored only to discredit public Officials and embarrass the government.