The first group of beneficiaries of the Bola Ahmed Tinubu Administration’s Student Loan Scheme will include no fewer than 1.2 million young Nigerians.
According to Mr. Akintunde Sawyer, Managing Director/Chief Executive Officer (MD/CEO) of the Nigerian Education Loan Fund (NELFUND), the program’s enabling law, which President Tinubu signed on April 3, will begin “anytime soon.”
One percent of the Federal Inland Revenue Service’s (FIRS) total annual collected revenue will go toward funding the ambitious cardinal initiative.
The FIRS has been allocated a revenue target of N19.4 trillion for this year.
The benefitting pupils will be eligible for a loan of N194 billion if the organization is able to accomplish this forecast.
The law states that repayment will begin two years after the National Youth Service Corp (NYSC) is completed.
The CEO of NELFUND states that everything is ready for students enrolled in postsecondary institutions to start registering and applying.
“We don’t anticipate having more than 1.2 million students in the first instance,” he stated.
It is likely that there will be expansion in the future.
“We will be paying the full cost of the applicants’ fees—all of them—directly to the participating universities.
The individuals will also receive a stipend.
The recipients will get a certain amount of money for maintenance on a regular basis, which will enable them to take care of basic needs like feeding and photocopying documents and data.
“They can use the stipend to make sure they have enough opportunities to get by during their time as students.
“Students’ survival is on a different level, as we all know.”
Potential recipients must supply their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other information, he stated, in order to be eligible to apply for the loan.
He clarified that in addition to these requirements, matriculation information must be provided by people who are currently enrolled in school and wish to apply for the loan.
He reiterated President Bola Ahmed Tinubu’s promise to see to it that the program benefits as many deserving pupils as possible.
“President Tinubu definitely wants to make sure that as many Nigerians as possible are given this chance.
He has therefore actively sought this chance on behalf of the kids.
“For this reason, we must all work together to make sure that capacity increase is possible.
“This initiative will not be exclusive. The goal of the initiative is to entice as many people as possible into the educational system.
“We are going to do that, and that is what the President intends,” he declared.
President Tinubu has stated time and time again that he wants to make sure that no Nigerian student leaves a postsecondary institution due to financial hardship.
As he put the Bill into effect, the President expressed gratitude to the National Assembly for expeditiously passing it.
After just three legislative days, the law was approved by the Senate and the House of Representatives. swiftly completing it.