President Muhammadu Buhari has agreed to fund the YouWin program started by former President Goodluck Jonathan.
The program was part of Goodluck Jonathan’s job creation effort aimed at providing funds for eligible Nigerians to start small scale businesses each year.
The grants are issued to 1200 persons. It also made provisions for the training of entrepreneurs.
So far, about 18, 000 young entrepreneurs have trained in several small and medium scale enterprises.
Of this number, 3900 of them (including 1200 women) were each given non-repayable take-off grants for businesses of their choice ranging from N1 million up to a maximum of N10 million.
When Jonathan’s administration ended in 2015, those billed for the grants were left in limbo as the Buhari’s administration dumped the program.
The Buhari’s administration later adopted the program and have so far injected billions into it.
According to the Ministry finance, the third batch of the program, which is still running with 1,500 beneficiaries, has received N11.2 billion in funding, and so far grants totaling N7.4 billion have been disbursed to the awardees.
In June 2016 alone, the sum of N1.687 billion has been paid to 638 awardees, the finance ministry said.
The Minister of finance, Mrs. Kemi the YouWin program initiative will be restructured to improve efficiency, transparency and accountability.
She also stated that the Buhari administration will ensure that financial commitments by the Federal Government will be fully met.
However, Bank Verification numbers will used to ensure transparency and avoid payments to Ghost beneficiaries.
The Federal Ministry of Finance, which has been running the program from inception, has scheduled the consultation for July 22, in Abuja, where representatives of the beneficiaries drawn from the six-geo-political zones and other concerned parties would chart a way forward for the program.