…Approves N35bn for student loan scheme take-off

From Fred Ezeh, Abuja

President Bola Tinubu has also approved N35 billion for student loan scheme take-off, targeting 70,000 applications, while another 50,000 applications await approval in the next 30 days.
This was disclosed by a source in the NELFund, who also added that the funds would be disbursed based on the timetable and calendars of the academic session of each institution.
No fewer than 1.2 million students are expected to benefit from the first phase of the programme designed to provide financial support, including school fees and stipends, to eligible students nationwide in recognition of the pivotal role education plays in driving socio-economic progress.
Students loan, being a flagship programme of President Tinubu, is a cornerstone of the administration’s commitment to democratising access to higher education, and empowering the Nigerian youths with the tools they need to succeed in the dynamic global landscape.
Students from the Federal Government-owned institutions are expected to be first part-takers of the first phase of the application, while students in the state-owned institutions would join later in the second phase.
Managing Director/Chief Executive Officer, NELFUND, Akintunde Sawyerr, earlier told journalists that the portal for students to apply for the loan opened on May 24, 2024, and would be permanently open because institutions don’t have a uniform calendar.
It was also gathered that about 70, 000 applications have been approved by NELFund management, while 50, 000 applications currently being evaluated might be approved within the next 30 days.
Meanwhile, applicants are required to provide their admission letter obtained from the Joint Admissions and Matriculation Board (JAMB), in addition to their National Identification Number (NIN), and Bank Verification Number (BVN), to be qualified to access the fund.