President Bola Ahmed Tinubu is poised to officially launch the national student loan scheme in Abuja on February 21.
The initiative aims to support Nigerian students in higher institutions with a flexible repayment plan beginning two years after completing the national youth service.
The program is inclusive, extending its benefits to qualified Nigerians with informal education and those enrolled in private universities, as directed by President Tinubu.
The initial phase will focus on students currently enrolled in universities.
According to The Cable, the delay in the launch was attributed to the meticulous fine-tuning of administrative and logistical infrastructure.
Mr. Akintunde Sawyerr, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), confirmed the launch date and emphasized the fully technology-driven application process to eliminate potential biases.
Eligibility criteria include Nigerian citizenship, enrollment in a higher institution, financial inclusion qualification, and acceptable academic performance.
The application portal, set to be unveiled at the launch, will require basic personal data, such as the National Identification Number (NIN), Bank Verification Number (BVN), and JAMB number for seamless verification.
Loan disbursement will occur directly to schools through NELFUND’s single treasury account at the Central Bank of Nigeria, bypassing commercial banks and finance houses.
A special committee of NELFUND, comprising key stakeholders, is expected to be inaugurated soon, as stipulated by the Students Loans (Access to Higher Education) Act passed by the National Assembly in 2023 and signed into law by President Tinubu on June 13, 2023.
