Tinubu Approves N35 Billion To Kickstart Student Loan Disbursement

President Bola Tinubu has sanctioned N35 billion for the launch of the student loan scheme.

According to figures from the Nigerian Education Loan Fund obtained by The Nation, 70,000 applications have been approved so far. Additionally, another 50,000 applications are currently being evaluated and are expected to be approved within 30 days.

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“President Bola Tinubu has graciously approved N35bn for the student loan scheme. The funds are awaiting disbursement.

“About 70, 000 applications have been approved by NELFUND management. 50, 000 applications are currently being evaluated. These applications will be approved within 30 days.

“We receive an average of 1,500 applications a day.

“Mr President has provided enough funds to accommodate every Nigerian student who desires the loan.” the source said.

Giving update on the applications, the managing Director/Chief Executive Officer, NELFUND, Akintunde Sawyerr, disclosed that the funds will be disbursed based on the timetable and calendars of the academic session of each institution.

File Image of Director/Chief Executive Officer, NELFUND, Akintunde Sawyerr,

He said: “The funds will be disbursed based on the timetable and calendars of the academic session of each institution. The portal for students to apply for the loan opened on May 24, 2024.

“The portal will be permanently open because institutions don’t have a uniform calendar,” Sawyerr added.

No fewer than 1.2 million students are expected to benefit from the cardinal programme of the Tinubu administration.

President Tinubu on April 3 signed into law the bill on the scheme in line with his electoral promise that no Nigerian student would drop out of school on account of lack of funds.

According to the law, repayment will commence two years after the completion of the National Youth Service Corps (NYSC) programme

Applicants are required to provide their Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), and Bank Verification Number (BVN).

Students in Federal Government-owned tertiary institutions will be the first batch of beneficiaries of the loan scheme.

The agency said it would start receiving applications from students in state-owned tertiary institutions from June 25, 2024.

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However, stipends would be paid directly to beneficiaries on a monthly basis to assist them buy other things that can make them comfortable while pursuing their education.

The agency is working with 126 tertiary institutions on the scheme.

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