The Federal Government has announced plans to roll out a new student loan scheme in phases, beginning with federal institutions. Akintunde Swayerr, Managing Director of the Nigerian Education Loan Fund, disclosed this during an interview with Arise Television on Friday.
Swayerr revealed that the student loan application portal will open on May 24, enabling students to apply for financial aid. He mentioned that the government is currently conducting a sensitization campaign to inform Nigerians about the details and workings of the scheme.
The loan scheme aims to bridge the financing gap for Nigerian students, making higher education and vocational training more accessible. Swayerr emphasized, "On April 3, 2024, President Bola Ahmed Tinubu signed into law a monumental act that seeks to bridge the financing gap for applicants who want to get higher education or vocational training, making them more marketable and useful to the Nigerian society."
The fund will cover 100 percent of all fees for tertiary institutions, including upkeep for students. Initially, the scheme will focus on public institutions, where the majority of students requiring financial aid are enrolled.
"We’re going to roll this plan out in phases. The first phase will be with federal institutions, then extend to others. It's going to be the public sector at the beginning because that’s where we find the bulk of students that perhaps need the financing cover and are most vulnerable," Swayerr explained.
He concluded by stating that the system is designed to ensure national spread and equal opportunities for eligible students, aiming to support those who have the desire and capacity to engage in higher education.
