President Bola Tinubu has approved ₦35 billion to launch the student loan scheme.
Before now, the Nigerian Education Loan Fund (NELFUND) has approved 70,000 applications so far, and an additional 50,000 application are currently under evaluation, with an expected approval within the next 30 days.
The Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr, stated that the funds will be distributed according to the academic schedules of each institution.
He explained, “The funds will be disbursed based on the timetable and calendars of the academic session of each institution. The portal for students to apply for the loan opened on May 24, 2024.”
“The portal will remain open permanently because institutions don’t have a uniform calendar,” Sawyerr added.
The program is anticipated to benefit approximately 1.2 million students, a key initiative of the Tinubu administration.
Applicants must provide their Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), and Bank Verification Number (BVN).
Students from Federal Government-owned tertiary institutions will be the first to receive loans, followed by those from state-owned institutions.
The agency will begin accepting applications from students in state-owned institutions starting June 25, 2024.
The loan, equivalent to the tuition fees of the recipients, will be paid directly to their respective institutions. Additionally, stipends will be provided monthly to assist students with other expenses, ensuring their comfort during their studies.
NELFUND is collaborating with 126 tertiary institutions on the scheme.
These statistics were obtained exclusively by The Nation from sources within NELFUND.
A source said, “President Bola Tinubu has graciously approved ₦35bn for the student loan scheme. The funds are awaiting disbursement. About 70,000 applications have been approved by NELFUND management. 50,000 applications are currently being evaluated and will be approved within 30 days. We receive an average of 1,500 applications a day.
“Mr. President has provided enough funds to accommodate every Nigerian student who desires the loan.”
President Tinubu signed the bill for the scheme into law on April 3, fulfilling his electoral promise that no Nigerian student would have to drop out of school due to financial constraints.
According to the law, repayment will begin two years after the completion of the National Youth Service Corps (NYSC) program.
This ambitious initiative will be funded by allocating one percent of the total annual revenue collected by the Federal Inland Revenue Service (FIRS).
