N75 billion NYIF Loan: Why entrepreneurs can’t get more than N300,000

The Federal Government has explained why it N300,000 is the limit  loan amount for the current beneficiaries of the N75 billion Nigeria Youth Investment Fund (NYIF) to N300,000.
Recall that the Federal Government  said that it had to place a limit of N300,000 for entrepreneurs who meet the conditions and guideline in order to ensure that it gets to as many beneficiaries as possible.
The remark was made and signed by the Director of Press, Federal Ministry of Youth and Sports Development
The ministry added that the disbursement of the fund is being done in phases.
The statement added that the ministry had received more than 3 million applications for the initial N12.5bn made available.
Acccording to the ministry, the current cap of N300,000 per beneficiary, only about 41,000 beneficiaries could be covered.
The statement from the ministry partly reads, “The Ministry of Youth and Sports Development has been following with interest the reaction of some beneficiaries of the NYIF, particularly those expressing disappointment at the N300,000 cap on disbursement under the first tranche of N12.5bn.