President Bola Ahmed Tinubu Approves ₦35,000,000,000 for Student Loan Scheme Take-off

President Bola Ahmed Tinubu has approved ₦35,000,000,000 for the take – off of the student loan scheme.

So far, seventy thousand applications have been approved by the Nigerian Education Loan Fund (NELFUND).

Another fifty thousand applications are currently being evaluated and would be approved within one month.

The figures were exclusively obtained from sources in NELFUND.

According to the Managing Director/Chief Executive Officer, NELFUND, Dr. Akintunde Sawyerr, the student loan will be disbursed based on the timetable and calendars of the academic session of each institution.

Dr. Akintunde Sawyerr, said: “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 be permanently open because institutions don’t have a uniform calendar,” Dr. Akintunde Sawyerr, said.

No fewer than 1,200,000 students are expected to benefit from the student loan scheme of President Bola Ahmed Tinubu's administration.

Applicants are required to provide their Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), and Bank Verification Number (BVN) to apply for the student loan.

Students in Federal Government-owned tertiary institutions will be the first batch of beneficiaries of the student loan scheme.

Students from state-owned tertiary institutions will benefit from the student loan scheme too.

The Nigerian Education Loan Fund (NELFUND) said it would start receiving student loan applications from students in state-owned tertiary institutions from June 25, 2024.

The student loan, which is an equivalent of the tuition fees of the benefitting students, would be paid directly to the students' institutions.

But stipends also known as upkeep student loans would be paid directly to beneficiaries on a monthly basis to assist students buy other things that can make them comfortable while pursuing their education.

The Nigerian Education Loan Fund (NELFUND), is working with one hundred and twenty six tertiary institutions on the student loan scheme.

The source said: “President Bola Tinubu has graciously approved ₦35,000,000,000 for the student loan scheme. The Nigerian Education Loan Fund (NELFUND) are awaiting disbursement of the student loan.

“About seventy thousand applications have been approved by NELFUND management. fifty thousand applications are currently being evaluated. These applications will be approved within 30 days.

“We receive an average of one thousand five hundred applications a day.

“Mr President has provided enough funds to accommodate every Nigerian student who desires the loan.”

President Bola Ahmed Tinubu on April 3 signed into law the bill on the student loan scheme in line with his electoral promise that no Nigerian student would drop out of school on account of lack of funds.

According to the law, repayment of the student loan will start two years after the completion of the National Youth Service Corps (NYSC) programme.

The ambitious student loan scheme will be funded with 1% of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).

Source: https://thenationonlineng.net/tinubu-okays-n35b-for-student-loan-scheme-take-off/