Top Stories

Tinubu Approves ₦35 Billion For Student Loan Scheme Launch

President Bola Tinubu has approved ₦35 billion to launch the student loan scheme.

CityNews Nigeria reports that the Nigerian Education Loan Fund (NELFUND) has approved 70,000 applications so far, and an additional 50,000 are currently under evaluation, with an expected approval within the next 30 days.

 

Advertisement

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.”

Advertisement

 

The portal will remain open permanently because institutions don’t have a uniform calendar,” Sawyerr added.

Advertisement

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).

Advertisement

 

Students from Federal Government-owned tertiary institutions will be the first to receive loans, followed by those from state-owned institutions.

Advertisement

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.

Advertisement

 

NELFUND is collaborating with 126 tertiary institutions on the scheme.

Advertisement

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.

Advertisement

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.

Advertisement

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).

Advertisement
citynews

Recent Posts

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

2 hours ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

5 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

5 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

6 hours ago

Prince Harry and Meghan Markle pursue separate projects

A royal commentator suggests that Prince Harry and Meghan Markle are taking separate paths in…

8 hours ago

#USElection2024: Trump, Harris close campaign in swing states on eve of deadlocked election

PHILADELPHIA/GRAND RAPIDS, Michigan (Reuters) -Donald Trump and Kamala Harris both predicted victory as they campaigned…

8 hours ago