The Federal Government of Nigeria has released the necessary requirements that would be beneficiaries of the student loan must meet.
Recall that no fewer than 1.2 million young Nigerians will be in the first batch of the scheme. This group will be the first to benefit from the Student Loan Scheme of the Bola Ahmed Tinubu Administration.
However, the Managing Director/Chief Executive Officer (MD/CEO) of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyer, said the loan has a process. He informed that the process of participating in the program has been outlined.
According to Sawyer, the scheme will be funded with one percent of the total annual collectible revenue by the Federal Inland Revenue Service (FIRS). He pointed that this will amount to N194 billion if the agency meets this projection.
Sawyer, therefore, maintained that all is set for the commencement of registration and application by tertiary institution students. He said the scheme is for those who have met the requirements.
He 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
Sawyer further explained the benefits of the Student Loan the prospective beneficiaries.
He said, “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.”
Recall that President Tinubu has repeatedly stated his intention to ensure that no Nigerian student drops out of tertiary institutions for lack of funds.
source: Nigeria Tribune
