The Bola Ahmed Tinubu Administration has launched a Student Loan Scheme to benefit at least 1.2 million young Nigerians. The programme, whose enabling law was signed by President Tinubu on April 3, will be funded with one percent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), with a loan amount of N194 billion available for the beneficiaries.
The registration and application process by tertiary institution students will commence soon, according to Nigerian Education Loan Fund (NELFUND’s) Managing Director/Chief Executive Officer (MD/CEO), Mr. Akintunde Sawyer. Beneficiaries will receive full payment of their fees directly to the institutions, along with a stipend paid at regular intervals. Repayment of the loan will begin two years after the completion of the National Youth Service Corp (NYSC).
Potential beneficiaries will be required to provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details before they can apply for the loan. Those who are already students and seek to take the loan would need to provide their matriculation details in addition to these conditions.
President Tinubu’s pledge to ensure that as many students as possible benefit from the scheme has been reiterated by the NELFUND CEO. He also stated that the programme aims to drag as many people into the education net as possible, making it not an elitist programme. The President has stated his intention to ensure that no Nigerian student drops out of tertiary institutions for lack of funds.
The bill was passed by the Senate and the House of Representatives after only three legislative days.