The Bola Ahmed Tinubu Administration has initiated a pioneering Student Loan Scheme set to benefit no fewer than 1.2 million young Nigerians.
The enactment of the enabling law by President Tinubu on April 3 has paved the way for this ambitious initiative, with the Nigerian Education Loan Fund (NELFUND) at the helm of its implementation.
Under this groundbreaking programme, funding will be sourced from one percent of the total annual collectible revenue of the Federal Inland Revenue Service (FIRS).
With a revenue target of N19.4 trillion set for this year, a substantial amount of N194 billion could potentially be allocated as loans to eligible student beneficiaries.
Repayment terms stipulate that loan reimbursement will commence two years following the completion of the National Youth Service Corps (NYSC).
Eligible candidates will be required to provide essential details such as their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN) during the application process.
NELFUND’s Managing Director/Chief Executive Officer, Mr. Akintunde Sawyer, affirmed that preparations are underway for the commencement of registration and application by tertiary institution students. Successful applicants can anticipate full payment of their tuition fees directly to their respective institutions, along with a stipend for personal upkeep.
This financial support aims to alleviate the financial burdens associated with student life, ensuring that beneficiaries can focus on their academic pursuits.
President Tinubu’s commitment to inclusivity in education has been reiterated through this initiative, emphasising that the programme is designed to encompass as many deserving students as possible. In his efforts to prevent any Nigerian student from dropping out of tertiary institutions due to financial constraints, President Tinubu expressed gratitude to the National Assembly for their swift passage of the bill, highlighting its importance in realising the nation’s educational aspirations.
