The Nigerian Government has said 1.2 million federal higher students will benefit from the first phase of the Student Loan scheme.
Managing Director/Chief Executive Officer of Nigeria Education Loan Fund, Akintunde Sawyerr, disclosed this on Monday ahead of the launch of its portal on Friday, May 24, 2024.
He noted that school fees would be paid directly to students’ institutions.
Sawyerr listed the application requirements, including the admission letter from the Joint Admissions and Matriculation Board, National Identity Number, and Bank Verification Number, and completed application forms from its website.
“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions.
“The fees for the institution will be paid not to the students but to the institution.
“There are approximately 1.2 million students in federal tertiary institutions owned by the government. Today, by inference, 1.2m students maximum at the federal level (will benefit), but there might be an opportunity to increase the capacity in terms of more institutions. When we bring in state-owned institutions, the numbers can go up.”
Recall that President Bola Ahmed Tinubu, on April 3, signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
