Disagreements between the government of Nasarawa State, the Bank of Industry (BOI), and a program beneficiary have delayed the payout of the Youth Revolving Funds Scheme.
The Youth Revolving Funds Scheme (YRFS) was introduced in Lafia on March 6, 2023 by the Governor Abdullahi Sule administration to offer loans to young business owners in Nasarawa State in association with the Bank of Industry.
Out of roughly 42 applications, 10 recipients received mock checks as part of the launch and were then forwarded to the Bank of Industry for the loan’s future distribution.
One of the 10 beneficiaries, Mr. Daniel Abraham, a young businessman and the founder of E-Dan Nets, expressed his displeasure with the N500 million Youth Revolving Funds Scheme (YRFS) on Facebook after being subjected to months of intense stress and being unable to obtain the loan.
E-Dan Nets claimed he had not gotten the promised loan despite paying the necessary 11 percent appraisal and security costs, which came to N225,000 of the N2 million given to him.
“A Scheme that was said to support, we were forced to pay 11% of total amount approved per beneficiary.
“However, after the payment, it has been one signature and document or the other, making us believe in the process. Every week they will offer you one explanation or another for the ongoing process.
“I have asked Human Capital Development (Nasarawa State) and the Bank of Industry for my 11% paid reimbursement.
“Please, send my money back between October 5 and October 6, 2023,” he demanded.