“1.2 Million Federal Higher Education Students to Benefit from Nigerian Government’s Student Loan Program”
The Nigerian government has announced that 1.2 million federal higher education students are set to benefit from the first phase of the Student Loan scheme. Akintunde Sawyerr, the Managing Director/Chief Executive Officer of Nigeria Education Loan Fund, revealed this information on Monday, laying the groundwork for the launch of the program’s portal scheduled for Friday, May 24, 2024.
In his statement, Sawyerr emphasized that the scheme would directly pay school fees to students’ institutions. He outlined the application requirements, which include the submission of an admission letter from the Joint Admissions and Matriculation Board (JAMB), National Identity Number (NIN), Bank Verification Number (BVN), and completed application forms from the program’s website.
Sawyerr clarified, “The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions.” He further explained that the fees would be disbursed directly to the institutions, not to the students themselves.
With approximately 1.2 million students enrolled in federal tertiary institutions owned by the government, Sawyerr indicated that this figure represents the maximum number of students who stand to benefit initially. However, he hinted at the possibility of expanding the program to include state-owned institutions, potentially increasing the number of beneficiaries.
The announcement follows the enactment of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, signed into law by President Bola Ahmed Tinubu on April 3.