President Ahmed Bola Tinubu has approved N35 billion for the take-off of a student loan scheme targeting 70,000 initial applications, with another 50,000 applications expected to be approved in the next 30 days.
A source from NELFund revealed that the funds will be disbursed according to the academic calendars of each institution. The first phase of the program is expected to benefit no fewer than 1.2 million students, providing financial support for school fees and stipends. This initiative underscores the pivotal role education plays in driving socio-economic progress.
As a flagship program of President Tinubu, the student loan scheme is a cornerstone of the administration’s commitment to democratizing access to higher education and empowering Nigerian youths for success in the global landscape.
Initially, students from federal government-owned institutions will benefit from the first phase of applications, followed by students from state-owned institutions in the second phase.
NELFUND Managing Director/Chief Executive Officer, Akintunde Sawyerr, informed journalists that the loan application portal opened on May 24, 2024, and will remain open permanently due to the varying academic calendars of institutions.
To date, NELFund management has approved about 70,000 applications, with another 50,000 under evaluation, likely to be approved within the next 30 days. Applicants are required to provide their Joint Admissions and Matriculation Board (JAMB) admission letter, National Identification Number (NIN), and Bank Verification Number (BVN) to qualify for the fund.
