Student Loan Scheme Ready to Launch, Benefiting 1.2 Million Students

The Student Loan Scheme initiated by the Bola Ahmed Tinubu Administration is gearing up to support the educational aspirations of over 1.2 million young Nigerians. President Tinubu signed the enabling law for this program on April 3, marking a significant milestone in educational financing.

According to Mr. Akintunde Sawyer, Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), the application process for the scheme will kick off soon. This ambitious initiative will be financed by allocating one percent of the total annual revenue collected by the Federal Inland Revenue Service (FIRS).

With a revenue target of N19.4 trillion set for FIRS this year, the potential funding for student loans could reach N194 billion if the target is met. Repayment of the loans will commence two years after the completion of the National Youth Service Corps (NYSC).

Sawyer emphasized that the initial phase aims to support up to 1.2 million students, with room for future expansion. Successful applicants will have their tuition fees paid directly to their institutions, along with a stipend for living expenses.

To apply for the loan, prospective beneficiaries will need to provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details. Existing students seeking the loan will also need to furnish their matriculation details.

President Tinubu’s commitment to ensuring broad access to education is evident in his pursuit of this initiative. The goal is to make education more accessible and inclusive, emphasizing that the scheme is not elitist but aims to support as many students as possible.

President Tinubu reiterated his pledge to prevent any Nigerian student from dropping out of tertiary institutions due to financial constraints. He expressed gratitude to the National Assembly for the swift passage of the bill, which was accomplished in just three legislative days.

The implementation of the Student Loan Scheme marks a significant step toward addressing financial barriers to education, paving the way for a brighter future for countless Nigerian students.