The Bola Ahmed Tinubu Administration is set to launch a Student Loan Scheme, poised to benefit at least 1.2 million Nigerian youths in its initial phase.
The enabling legislation for the program was signed by President Tinubu on April 3, with the application process expected to begin shortly, as confirmed by Mr. Akintunde Sawyer, the MD/CEO of the Nigerian Education Loan Fund (NELFUND).
Funded by one percent of the Federal Inland Revenue Service’s (FIRS) total annual collectable revenue, the scheme has a potential loan pool of N194 billion if FIRS achieves its N19.4 trillion revenue target for the year.
Loan repayments are scheduled to start two years post-completion of the National Youth Service Corp (NYSC), offering financial relief to graduates as they transition into the workforce.
The NELFUND CEO assured that the registration and application process for tertiary students is ready to roll out, with the program set to cover full tuition fees paid directly to educational institutions and provide regular stipends for beneficiaries’ living expenses.
He said,
“We don’t expect to have more than 1.2 million students in the first instance.
“As time goes on, there will probably be expansion.
“For the successful applicants, we will be paying their fees – the full amount – directly to the institutions.
“There will also be a stipend paid to the individuals.
“At a regular interval, the beneficiaries will receive an amount of money for their upkeep so that they can do the basic things – feeding, photocopying handouts and data.
“They can use the stipend to ensure that there is enough opportunity for them to survive the experience of being students.
“We all know that students’ survival is on another level.”
Eligibility criteria for the loan include providing a Joint Admissions and Matriculation Board (JAMB) number, National Identification Number (NIN), and Bank Verification Number (BVN).
Current students will also need to submit their matriculation details.
“Without a doubt, President Tinubu intends to ensure that as many Nigerians as possible get this opportunity.
“That is why he has vigorously pursued this opportunity on behalf of students.
“That is why all of us must join hands to ensure that capacity expansion can happen.
“This is not going to be an elitist programme. It is a programme that is going to drag as many people into the education net as possible.
“That is what the President intends and that is what we are going to do,” he said.
