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N75bn Youth Fund: 1 million Nigerians apply in 3 weeks

Greater than 1 million functions have been submitted for the Nigeria Youth Funding Fund (NYIF).

President Muhammadu Buhari gave the replace Sunday night time through Twitter.

The web site, https://nyif.nmfb.com.ng/, turned operational three weeks in the past.

“Over one million functions have already been obtained for the reason that 75 billion Naira Nigeria Youth Funding Fund (NYIF) Portal went stay on Oct 12, 2020.

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“This Fund will spend money on the progressive concepts, expertise and abilities of younger Nigerians”, Buhari tweeted.

In July, the federal authorities authorised the institution of the programme to run from 2020 to 2023

The initiative seeks to spice up the Nigerian economic system by means of finance for younger residents.

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The goal is 500,000 youths annually.

Fund approval will vary from N250,000 to N50, 000,000 for particular person and group functions.

Working capital loans are set at 1 yr and time period loans set at 3 years with an rate of interest of 5 p.c.

The fund might be disbursed by means of micro finance, finance corporations and deposit cash banks.

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