In a significant move, President Bola Tinubu has given the green light for the launch of a student loan scheme, allocating a substantial N35 billion for its implementation.
The Nigerian Education Loan Fund (NELFUND) has already approved 70,000 applications, with an additional 50,000 currently under evaluation—a process expected to conclude within 30 days.
NELFUND’s Managing Director/Chief Executive Officer, Akintunde Sawyerr, clarified that disbursements would align with the academic calendars of individual institutions.
The student loan application portal opened on May 24, 2024, and will remain accessible due to varying academic schedules across institutions.
Anticipating a broad impact, the scheme aims to benefit approximately 1.2 million students. Eligible applicants must submit their Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), and Bank Verification Number (BVN).
Federal Government-owned tertiary institutions will be the initial recipients of the loan, followed by state-owned counterparts. The funds, equivalent to tuition fees, will be directly disbursed to the institutions.
Additionally, beneficiaries will receive monthly stipends to enhance their comfort during their educational pursuits.
NELFUND collaborates with 126 tertiary institutions to implement this ambitious program. President Tinubu’s commitment to preventing Nigerian students from dropping out due to financial constraints led to the bill’s enactment on April 3. Repayment will commence two years after completing the National Youth Service Corps (NYSC) program.
Funding for this cardinal initiative will come from one percent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).
