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FG Student Loan Scheme Set For Take Off With 1.2 Million Beneficiaries
President Bola Ahmed Tinubu Administration’s Student Loan Scheme is set to benefit no less than 1.2 million young Nigerians in its first batch.
The programme, which was signed into law by President Tinubu on April 3, will begin soon, as stated by Mr Akintunde Sawyer, the Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND).
This ambitious initiative will be funded by one per cent of the total annual collectable revenue generated by the Federal Inland Revenue Service (FIRS).
This year, the FIRS has a revenue target of N19.4 trillion, and if achieved, N194 billion will be made available as loans to eligible students. As mandated by the law, repayment of the loans will start two years after the completion of the National Youth Service Corp (NYSC).
The NELFUND CEO has confirmed that the registration and application process for tertiary institution students is ready to commence.
He said: “We don’t expect to have more than 1.2 million students in the first instance. As time goes on, there will probably be expansion.
“We will pay the full amount of the fees of the successful applicants directly to the institutions. There will also be a stipend paid to the individuals.
“At regular intervals, the beneficiaries will receive money for their upkeep so that they can do the basic things—feeding, photocopying handouts, and collecting data.
“They can use the stipend to ensure that there is enough opportunity for them to survive the experience of being students.
“We all know that students’ survival is on another level.”
Nation Post understands that in order for potential beneficiaries to qualify, they must fulfill certain requirements, as stated by him.
These requirements, Sawyer said, include providing their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), along with other necessary details, prior to applying for the loan.
Furthermore, he mentioned that current students who wish to avail of the loan must also furnish their matriculation details in addition to the aforementioned conditions.
He reiterated President Bola Ahmed Tinubu’s commitment to ensuring that a maximum number of interested students can benefit from this program.
“Without a doubt, President Tinubu intends to ensure that as many Nigerians as possible get this opportunity.
“That is why he has vigorously pursued this opportunity on behalf of students.
“That is why all of us must join hands to ensure that capacity expansion can happen.
“This is not going to be an elitist programme. It is a programme that is going to drag as many people into the education net as possible.
“That is what the President intends and that is what we are going to do,” he said.
President Tinubu has consistently expressed his commitment to preventing any Nigerian student from discontinuing their education at tertiary institutions due to financial constraints.
Upon signing the Bill, the President extended his gratitude to the National Assembly for swiftly approving it.
The bill was passed by both the Senate and the House of Representatives in just three legislative days.
