The Bola Ahmed Tinubu Administration's Student Loan Scheme is set to benefit approximately 1.2 million young Nigerians in its first batch, with the registration process expected to begin soon, according to Mr. Akintunde Sawyer, the Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND). This ambitious program, funded by one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), is projected to have N194 billion available for loans to students if the FIRS meets its revenue target of N19.4 trillion this year.
Repayment of the loans will commence two years after the completion of the National Youth Service Corps (NYSC), and successful applicants will have their fees paid directly to their institutions. In addition, they will receive a stipend for their upkeep, allowing them to cover basic expenses such as food, photocopying handouts, and data. Potential beneficiaries will be required to provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), Bank Verification Number (BVN), and other details to apply for the loan.
Mr. Sawyer emphasized that the scheme aims to be inclusive, with President Tinubu intending to ensure that as many Nigerian students as possible benefit from it. The President has been vocal about his commitment to ensuring that no student drops out of tertiary institutions due to lack of funds. The Bill enabling the Student Loan Scheme was passed by the National Assembly after only three legislative days, demonstrating their support for the initiative.
