Over Thirty Thousand Nigerian Students Have Been Shortlisted To Benefit From Student Loan - Senate President, Godswill Akpabio
The Senate President, Godswill Akpabio, has announced that more than thirty thousand Nigerian students have been selected to benefit from the student loan scheme introduced by President Bola Ahmed Tinubu.
Senate President, Godswill Akpabio said this in a statement on Tuesday during his visit to the Nigeria Institute of Legislative and Democratic Studies in Abuja.
Senate President, Godswill Akpabio said the Student Loan bill was one of the most significant pieces of legislation passed by the tenth Assembly of the country.
Senate President, Godswill Akpabio stated that the bill allows underprivileged children to pursue higher education without the burden of financial constraints or financial burdens.
Accordingly, Godswill Akpabio said that was what made the legislature most appealing to him as the Senate President.
“One of the most important bills for the tenth Assembly was the bill sent to us by President Bola Tinubu. The Student Loan Bill enables vulnerable Nigerian students, the less privileged to obtain higher education.
“And as I speak to you now, over thirty thousand Nigerian students have already been selected to benefit from that scheme.
“That is one of the bills I will say appeal to me the most,” Godswill Akpabio said.
What you should know about the student loan
The revised Student Loan Act 2024 was established to remove financial barriers, burdens, limitations and constraints faced by students and make education more accessible to all Nigerian students, regardless of their economic background.
The primary sources of funding for NELFUND include a percentage of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service, amounting to 1% of their total revenues.
Additionally, NELFUND will receive contributions from the profits generated by the government’s natural resource exploitation, education bonds, endowment fund schemes, and donations from individuals and organizations.
The student loan cover tuition, fees, and maintenance costs. The repayment process of the student loan commences two years after the beneficiary completes the NYSC program.
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