The Federal Government of Nigeria has unveiled the necessary requirements for individuals seeking to benefit from the student loan scheme, aimed at supporting tertiary education in the country.
Here are the key details:
Overview of the Student Loan Scheme
- Over 1.2 million young Nigerians are expected to be the first batch of beneficiaries under the Student Loan Scheme initiated by the Bola Ahmed Tinubu Administration.
- Mr. Akintunde Sawyer, the Managing Director/Chief Executive Officer (MD/CEO) of the Nigerian Education Loan Fund (NELFUND), has outlined the process for participation in the program.
Funding and Implementation
- The program will be funded with one percent of the total annual collectible revenue by the Federal Inland Revenue Service (FIRS), amounting to N194 billion if the agency meets its projection.
- Registration and application for the student loan will soon commence for tertiary institution students who meet the specified requirements.
Requirements for Beneficiaries
- Eligible applicants must provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), Bank Verification Number (BVN), and other relevant details to apply for the loan.
- Existing students seeking the loan will need to furnish their matriculation details to complete their application.
Benefits of the Student Loan
- Successful applicants will have their tuition fees fully covered, with payments made directly to their respective institutions.
- Beneficiaries will also receive a stipend for their upkeep, ensuring they can afford basic necessities such as food, photocopying handouts, and internet data.
- The stipend will be disbursed at regular intervals to support students throughout their academic journey and alleviate financial burdens.
President Tinubu has reiterated his commitment to ensuring that no Nigerian student faces financial obstacles that could lead to dropping out of tertiary education.
he student loan scheme reflects the government’s dedication to fostering access to quality education and empowering the nation’s youth for a brighter future.