The funding will be sourced from one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).
The Federal Government of Nigeria has revealed the requirements for students to access the Student Loan Scheme under the administration of President Bola Ahmed Tinubu.
The loan aims to assist 1.2 million students in its inaugural batch.
This initiative, as outlined by the Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyer, is set to transform the educational landscape by providing financial support to tertiary institution students who meet specific criteria.
The funding for this ambitious program will be sourced from one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), projected to reach N194 billion if targets are met.
“All is set for the commencement of registration and application,” Sawyer announced, marking a significant step towards educational accessibility.
To qualify for the loan, applicants must fulfill several requirements including providing their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN).
Additionally, existing students must provide their matriculation details to be considered eligible.
This structured approach aims to ensure that the scheme reaches deserving students while maintaining accountability and effective utilization of the funds.
The program is expected to significantly ease the financial burden on students and their families, fostering higher education attainment and contributing to national development.
He further explained what the student loan will cover for each successful applicant:
“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.”
President Tinubu has repeatedly stated his intention to ensure that no Nigerian student drops out of tertiary institutions for lack of funds.