Student loan scheme kicks off with first batch of 1.2m beneficiaries

No fewer than 1.2 million young Nigerians will be in the first batch of those to benefit from the Student Loan Scheme of the Bola Ahmed Tinubu Administration. The process of participating in the programme signed into law by President Tinubu on April 3, will commence “anytime soon”, according to the Nigerian Education Loan Fund (NELFUND’s) MD/CEO, Akintunde Sawyer. The ambitious cardinal programme will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS). This year, the revenue target given to the FIRS is N19.4 trillion. Should the agency meet this projection, N194 billion will be available as a loan to the beneficiary students. Repayment according to the law will commence two years after completion of NYSC. According to the NELFUND CEO, all is set for the commencement of registration and application by tertiary institution students. On the condition to be met by potential beneficiaries, he said they would be required to provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details before they can apply for the loan. He explained that those who are already students and seek to take the loan would need to, in addition to these conditions, provide their matriculation details. He restated President Bola Tinubu’s pledge to ensure that as many students as are interested to benefit from the scheme.