The Federal Government of Nigeria has released the necessary requirements to be met for beneficiary of the student loan.
No fewer than 1.2 million young Nigerians will be in the first batch to benefit from the Student Loan Scheme of the Bola Ahmed Tinubu Administration.
According to Mr. Akintunde Sawyer, the Managing Director/Chief Executive Officer (MD/CEO) of the Nigerian Education Loan Fund (NELFUND), the process of participating in the program has been outlined.
The program will be funded with one percent of the total annual collectible revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets this projection. Akintunde Sawyer stated that all is set for the commencement of registration and application by tertiary institution students who meet the requirements.
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Listing the requirements, Akintunde stated that the beneficiary would be required to meet the following conditions:
- Provide their Joint Admissions and Matriculation Board (JAMB) numbers
- National Identification Number (NIN)
- Bank Verification Number (BVN), among other details before they can apply for the loan
- Existing students who seek to take the loan would need to provide their matriculation details
He further explained what the student loan will cover for each successful applicant:
“We will be paying their fees—the full amount—directly to the institutions. There will also be a stipend paid to the individuals. At regular intervals, the beneficiaries will receive money for their upkeep so that they can do the basic things—feeding, photocopying handouts, and data. They can use the stipend to ensure that there is enough opportunity for them to survive the experience of being students. We all know that students’ survival is on another level.”
President Tinubu has repeatedly stated his intention to ensure that no Nigerian student drops out of tertiary institutions for lack of funds.