The Bola Ahmed Tinubu Administration’s Student Loan Scheme is set to benefit no fewer than 1.2 million young Nigerians in its first batch, following the signing of the enabling law by President Tinubu on April 3.
The Nigerian Education Loan Fund (NELFUND) Managing Director/Chief Executive Officer (MD/CEO), Mr. Akintunde Sawyer, announced that the process for participating in the programme will commence “anytime soon.”
Funding for this ambitious programme will be sourced from one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), with a revenue target of N19.4 trillion set for this year. Should FIRS meet this projection, N194 billion will be available as loans to beneficiary students.
Repayment of the loans will begin two years after the completion of the National Youth Service Corp (NYSC).
Mr. Sawyer outlined the application process, indicating that interested students will need to provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details. Those already enrolled in tertiary institutions seeking the loan will also need to provide their matriculation details.
Successful applicants will have their fees paid directly to their institutions, in addition to receiving stipends for their upkeep, enabling them to cover basic needs like food, photocopying, and data expenses.
President Tinubu’s commitment to ensuring widespread access to the scheme was reiterated by Mr. Sawyer, emphasizing that the programme aims to be inclusive and not elitist, with the goal of expanding educational opportunities for as many Nigerians as possible.
President Tinubu emphasized the importance of the scheme in preventing Nigerian students from dropping out of tertiary institutions due to financial constraints and thanked the National Assembly for passing the bill expeditiously, allowing for swift implementation of the Student Loan Scheme.
