Fidelity bank banner Bayelsa State banner
Finance Ministry clarifies suspension of YouWin programme

By News Express on 01/04/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 776


The Federal Ministry of Finance has given reasons for the suspension of disbursement of cash under the YouWin 3 programme.

The ministry in a statement issued on Friday in Abuja by its Director (Information), Salisu Na’Inna Dambatta pointed out irregularities observed in the selection process of beneficiaries as revealed by a whistleblower.

It recalled that the current administration inherited YouWin as an ongoing programme, which had made legally binding commitments of grants to 1,500 entrepreneurs.

“The administration decided that those commitments should be honoured. It was in that regard that a batch of awardees under YouWin 3 was submitted to the Minister of Finance, Mrs. Kemi Adeosun, for cash disbursement totalling N611, 821, 910 million.”

Danbatta also disclosed that allegations were received from an anonymous whistleblower, which provided documentary evidence of irregularities in 10 cases out of the batch. The Minister was said to have directed that an internal investigation be conducted to determine the veracity of the alleged fraud and report the findings to her for necessary action.

“The substance of the allegations was that an awardee was the child of a former Director in the Ministry and there were a number of cases where married couples each benefitted.  This raised concerns about the integrity of the original selection process, which took place in 2014.

“The position of the Ministry is that investigations are ongoing under the Presidential Initiative on Continues Audit (PICA) who will review each suspected case to determine whether any irregularity occurred.  In the interim, disbursements of this batch have been suspended.

It is on record that the original YouWin programme midwife 3, 900 enterprises within four years, and was just one of the multiple intervention programmes to create jobs at the time.

“This administration initiated a review of the YouWin programme with a view to ensuring sustainability.  That review acknowledged the success of the original YouWin programme but also found among other limitations, that awardees were overly focused on the grant aspect of the programme and few had been able to secure other forms of funding to grow their businesses despite each receiving up to N10 million in grants.  In that regard, the Ministry redesigned the programme and re-launched it as YouWinConnect to focus more on continuous enterprise education which will build the capacity of young entrepreneurs across range of disciplines.

“By so doing, YouWinConnect expects to develop entrepreneurs who can attract funding from wide range of sources currently available and take advantage of new funding sources.  The funding element of YouWinConnect will now take the form of a Venture Fund which will take equity stakes in new and growing businesses.
x

Source News Express

Posted 01/04/2017 1:37:03 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Jos Magistrate slams N7, 000 fine on student...

AMCON takes over Daily Times over heavy indebtedness...

Ritualists seal off Ondo APC Secretariat

Daura attack & emergency rule: QUESTIONS OVER BUHARI’S...

Obuah re-elected State PDP Chairman, dedicates victory to...

MMM Promoters in Nigeria (Part 2): Unmasking more...

Restructuring: Ohanaeze youths laud Nwodo

Okonjo-Iweala disowns 2019 presidential campaign posters

FG declares December 26 and 27, January 2...

Two in EFCC net over $2.25m scam

Health workers suspend nationwide strike

Nigeria has one of world’s highest infant mortality...

 

Latest News Dud Cheque: Court orders arrest of Senator Uzodinma APC reschedules presidential primary Schools shut in Anambra as flood disaster takes toll Sen. Dariye picks APC nomination form from prison Police Academy raises alarm over fake admission list Italian priest kidnapped in Niger APC must retain Osun, Buhari advises •Storms Osogbo with other party leaders to canvass votes for Oyetola Politicians in Borno recruiting armed thugs — NSCDC Artificial ripening of fruits causes cancer, liver, kidney diseases — Experts Flood: 30,000 persons displaced in Edo; 42 communities submerged Police warns against vandalism of campaign billboards Japanese billionaire set to be the pioneer tourist to the Moon

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (393,822 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (375,417 views) Shameless Genevieve Nnaji exposes breasts in public (306,877 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (249,617 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (231,100 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,074 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (199,100 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (180,714 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (164,788 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (162,864 views) Lagos plane crash: Journalist releases victims’ names (157,489 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,404 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (62) Business & Economy (3,605) Business Verdict (51) Columnists (927) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (546) Features (651) Global Business Monitor (299) International (2,402) Interview (164) Live Commentary (28) Love Matters (143) News (38,945) Opinion (1,103) Pidgin (11) Politics (6,618) Religion (866) Sports (1,693) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement