The Federal government has announced the rollout of a student loan scheme, starting with federal institutions. The scheme aims to bridge the financing gap for students, enabling them to pursue higher education and vocational training.
According to the Managing Director of the Nigerian Education Loan Fund, Akintunde Swayerr, the loan application portal will open on May 24th for loan applications. Swayerr stated that the government is currently conducting a sensitization campaign to inform Nigerians about the scheme’s details.
President Bola Ahmed Tinubu signed the student loan act into law on April 3rd, 2024, which covers 100% of tertiary institution fees and provides upkeep for students. Swayerr initimated that the scheme will be rolled out in phases, starting with federal institutions due to the large number of students requiring financial aid.
“We’re going to roll this plan out in phases. The first phase will be with federal institutions, then others. It’s going to be the public sector at the beginning because that’s where we find the bulk of students who perhaps need the financing cover and are most vulnerable,” he explained.
The scheme also aims to provide equal opportunities for eligible students nationwide. Swayerr noted that the government has a system in place to ensure a national spread and some degree of equal opportunities for those who have the desire, capacity, and eligibility to engage in the scheme.