NYSC Secures N200m Bank Facility, Corpers To Access Loans

The National Youth Service Corps (NYSC) on Friday said it had secured over N200 million bank facility for disbursement to corps members as loans to enable them start their businesses.

Brig-Gen. Johnson Olawumi, the Director-General of the corps, said this when the Commander, Guards Brigade, Nigerian Army, Brig.-Gen. Musa Yusuf, paid a familiarization visit to the NYSC Headquarters in Abuja. 

“That has been a challenge; we train these corps members in the camp after the camp we have partners all over the country where corps members also receive training throughout the service year. 

“Now, the issue is that when they get this training they don’t have start-up capital but we have been doing a lot to see there is opportunity for them to get startup capital. 

“We have the NYSC foundation as we speak, the NYSC foundation has just approved loan worth N10 million for corps members. “Corps members based on the business plan they submit could get as much as N250, 000 and N400, 000. We have also signed an MoU with Bank of Industry though it is yet to take off but we are working on it. 

“A couple of months ago, I also approached Heritage Bank and Heritage Bank is setting aside the sum of N200 million under a package where corps members will get a soft loan and the only collateral they will have to drop will be their discharge certificate...

NYSC SCAM REVEALED.  

To our amazement today, we were told all corpers nationwide will pay a token of N500 each, then those who are interested to apply for the loan of 250k-400k will have to submit their business proposal on or before passing out and then pay another N500 (that's N1000 for them)... 

The loan is interest free if repaid within 3months but from 3months to 2years maximum will now attract 5% interest....So when u multiply N500 from the total number of corpers currently serving now, plus the extra N500 from those who want to access the loan, you will discover that we are actually the ones raising more than N200m from which they will disburse to those who want the loan with their NYSC certificates as collateral plus more gain they will make from it from the 5% interest rate... 

So doesn't that mean that we are actually raising this funds ourselves? And also they will also very likely make gain from this money we will raise. But why wasn't this clearly stated to the public in their press release?

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