The Nigerian Government has announced that 1.2 million students from federal higher education institutions will benefit from the first phase of the Student Loan scheme.
Akintunde Sawyerr, Managing Director/Chief Executive Officer of the Nigeria Education Loan Fund, revealed this on Monday, ahead of the portal’s launch on Friday, May 24, 2024.Sawyerr noted that tuition fees would be paid directly to the students’ institutions. He outlined the application requirements, which include an admission letter from the Joint Admissions and Matriculation Board, a National Identity Number, a Bank Verification Number, and completed application forms from the official website.
“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions,” Sawyerr stated.
“The fees will be paid not to the students but directly to the institutions. Currently, there are approximately 1.2 million students in federal government-owned tertiary institutions. While this is the initial target, there might be an opportunity to increase the capacity to include more institutions, potentially expanding the program to state-owned institutions as well.”
This announcement follows President Bola Ahmed Tinubu’s signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3.
