Much-Awaited Nigerian Student Loans Get Launching Date

Much-Awaited Nigerian Student Loans Get Launching Date
Bola Ahmed Tinubu
The hope of Nigerian students to receive loans aiming to help vulnerable students complete their studies seems to be taking shape as the presidency set February 21 for the official launch of the program, TheCable can report.

Although Nigerians have been expecting the scheme to take off since it was announced by President Bola Ahmed Tinubu, a concerned authority said it was put on hold “to perfect the administrative and logistical infrastructure.”

The loan which will be available to all students studying in Nigerian tertiary institutions, including private and public institutions, comes with a repayment plan that starts after two years of earning income after the mandatory National Youth Service Corp (NYSC). The loan will also be accessible to qualified Nigerians with informal education

However, the first phase of the scheme which will be launched on February 21 will only be accessible to indigent students enrolled with universities, across the country, the source claimed.

“The portal will go live on February 21. The application process will be fully technology-driven. This is to create a level field for eligible students by removing avenues for graft, bias, and prejudice usually associated with human interaction,” Mr. Akintunde Sawyerr, the executive secretary of the Nigerian Education Loan Fund (NELFUND), stated this while confirming the commencement date of the scheme.

Criteria for accessing the student loan mandate that: applicant must be a Nigerian and must be a bona fide student of a higher institution of learning in Nigeria, in addition to qualifying for financial inclusion and having an acceptable academic performance; must be undergraduates, currently studying in a tertiary institution, or applying for the first time, however, those applying for second, master or doctorate degrees are not eligible for the loan.

"On the application portal, which TheCable understands will be unveiled at the launch, applicants will be required to provide basic personal data such as the national identification number (NIN), bank verification number (BVN), and JAMB number which will be in their digital records for seamless verification, the source stated.

The loan will be disbursed directly to the schools through NELFUND’s single treasury account at the Central Bank of Nigeria (CBN) without any intermediary, such as commercial banks and finance houses.

The special committee of the NELFUND is also expected to be inaugurated soon.

The members, as stipulated by the law, are the governor of the CBN as the chairman; the executive secretary of the NELFUND as the secretary; a representative of the minister of education; and the chairman of the National Universities Commission (NUC).

Others are a representative of vice-chancellors forum of all Nigerian universities; a representative of the rectors forums of all Nigerian polytechnics and provosts forum of all colleges of education in Nigeria; a representative of the minister of finance, the auditor-general of the federation; a representative of the Nigerian Labour Congress (NLC); a representative of the Nigerian Bar Association (NBA); and a representative of the Academic Staff Union of Universities (ASUU).

Category: World-News
Tag: MuchAwaited Nigerian Student Loans Get Launching Date
Written by Author (author)
Published 2/9/2024 10:51:56 PM

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