President Bola Tinubu officially launched the Student Loan Scheme on Wednesday, July 17, at the State House in Abuja, marking the formal commencement of this key education initiative.
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The launch was announced by Dada Olusegun, the special adviser on social media, through an update on the social media platform ‘X’. This event follows weeks of preparation and marks a significant step in the administration’s efforts to support higher education in Nigeria.
The scheme, a flagship program of the Tinubu administration, aims to provide financial support to eligible students across the country. This support includes coverage for school fees and stipends. In preparation for the launch, President Tinubu had previously approved ₦35 billion for the scheme’s take-off, with an initial target of 70,000 applicants.
Last month, the Governing Board of the Nigerian Education Loan Fund (NELFund), chaired by Jim Ovia, held its inaugural meeting in Abuja. During this meeting, the board approved the disbursement of loans to successful applicants, paving the way for today’s launch.
The first phase of the program is expected to benefit over 1.2 million students nationwide, representing a significant investment in Nigeria’s educational future.
