The long-awaited student loan program will commence on Friday, benefiting 1.2 million students in federal tertiary institutions across Nigeria, according to Akintunde Sawyerr, the Managing Director/Chief Executive Officer of the Nigeria Education Loan Fund. This initiative will cover students in federal universities, polytechnics, colleges of education, and technical colleges. Data from the National Universities Commission indicates the country has 226 federal tertiary institutions, which include 62 universities, 41 polytechnics, 96 monotechnics, and 27 colleges of education.
President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3. The bill, which aims to establish the Nigerian Education Loan Fund, will provide loans for tuition, fees, charges, and upkeep for students in approved public tertiary institutions and vocational training centers. The new law, which repealed the previous Student Loan Act of 2023, removes the family income threshold, allowing students to apply for loans and take responsibility for repayment.
Akintunde Sawyerr, speaking at a press conference in Abuja, emphasized the significance of this initiative, stating that the portal for loan applications will open on May 24. He highlighted that only students from institutions that have uploaded their data to the Fund's dashboard will be eligible to apply. The application requirements include an admission letter from the Joint Admissions and Matriculation Board, National Identity Number, and Bank Verification Number. The process has been streamlined to ensure easy access for all eligible students.
The Nigeria Education Loan Fund has also ensured the application process is user-friendly, with no physical contact required between applicants and the Fund. Students in federal institutions are encouraged to take advantage of this opportunity to secure financial assistance for their education. Additionally, the loan program includes monthly stipends for upkeep, although specific amounts have not been disclosed. The institution fees will be paid directly to the institutions per session, ensuring a seamless process.
