The Federal Government of Nigeria has announced that the student loan scheme will commence in phases, starting with federal institutions. This was revealed by Akintunde Swayerr, the Managing Director of the Nigerian Education Loan Fund, during an interview with Arise Television monitored by DAILY POST on Friday.
Swayerr stated that the student loan application portal will open on May 24th for applications. He emphasized that the government is currently conducting a sensitization campaign to educate Nigerians on the scheme’s workings.
The loan scheme aims to bridge the financial gap for Nigerian students, enabling them to become more resourceful and contribute to the country’s development. Swayerr highlighted that the scheme, signed into law by President Bola Ahmed Tinubu on April 3, 2024, is designed to cover 100 percent of all fees at tertiary institutions and provide upkeep for students.
“This monumental act seeks to bridge the financing gap for applicants who want to pursue higher education at the tertiary level or obtain vocational training to become more marketable and useful to Nigerian society,” Swayerr explained.
The rollout will begin with public institutions due to the high number of students in need of financial aid. “The first phase will be with federal institutions, then extend to others. We are focusing on the public sector initially because that is where the majority of students needing financial support are found,” Swayerr noted.
The scheme aims to ensure national coverage and equal opportunities for eligible students across Nigeria.
