Finance Ministry blames BVN for delay in payment of YouWiN beneficiaries

Posted by News Express | 12 May 2016 | 2,674 times

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The Ministry of Finance has attributed the delay in paying beneficiaries of the Youth Enterprise with Innovation in Nigeria (YouWiN) programme to non-provision of Bank Verification Numbers (BVN) by the beneficiaries.

The Special Adviser on Media to the Minister of Finance, Mr Festus Akanbi, said this in an interview with the News Agency of Nigeria (NAN).

Akanbi gave the explanation after the beneficiaries of the third edition of YouWiN protested at the headquarters of the ministry.

The YouWiN programme is an innovative business plan competition aimed at job creation by encouraging aspiring youth entrepreneurs in Nigeria to develop and execute business ideas.

The accomplishments of the 1,200 YouWiN awardees were celebrated at the Presidential Villa on April 12, 2012.

YouWiN Women was the second edition of the entrepreneurship programme, designed for only female entrepreneurs, aged 45 years and below.

The third edition, which supported both male and female entrepreneurs in 2014 covered 1,500 beneficiaries.

“We have explained to them that the reason for the delay is because some of them have not done what they are supposed to do. You know there are processes.

“And one of them is that they have to go to their banks and get their BVNs then submit to the committee handling this project.

“So, the truth of the matter is they have to be BVN compliant to receive further payment because the payment is through TSA and it goes straight to their account, so BVN is important.”

He urged beneficiaries yet to comply to do so and appealed to those who had complied to be patient because their businesses would have to be inspected before they could receive the next batch of payment.

Earlier, during the protest, one of the beneficiaries, Miss Mercy Terhile, said she had sacked some of her workers because of the development.

“Since President Muhammadu Buhari took over no money has been paid to us; our businesses are dying.

“We recently learnt that the president approved money to be paid to us but the Ministry of Finance is still delaying it for over six months.” (NAN)

Source: News Express

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