The Student Loan Scheme initiated by the Bola Ahmed Tinubu Administration is poised to launch, benefiting approximately 1.2 million students. Mr. Akintunde Sawyer, the Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), announced that the scheme will commence soon after President Tinubu signed it into law on April 3.
Funding for the scheme will be sourced from one percent of the total annual collectible revenue by the Federal Inland Revenue Service (FIRS), which has been tasked with a revenue target of N19.4 trillion. If this target is met, N194 billion will be available as loans to student beneficiaries. Repayment, according to the law, will begin two years after the completion of the National Youth Service Corp (NYSC).
The NELFUND CEO outlined the scheme's benefits, stating that successful applicants will have their fees paid directly to their institutions. Additionally, beneficiaries will receive a stipend at regular intervals for their upkeep, including expenses for feeding, photocopying handouts, and data.
To apply for the loan, potential beneficiaries must provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), Bank Verification Number (BVN), and other details. Those already enrolled as students will need to furnish their matriculation details along with these requirements.
Sawyer emphasized President Tinubu's commitment to ensuring that the scheme benefits as many Nigerians as possible. He assured that the programme aims to expand educational opportunities without elitism, reflecting the President's vision for broadening access to education.
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