President Bola Tinubu has set out N35 billion to launch the student loam scheme.
70.000 applications has been approved by the Nigeria Education Loam Fund (NELFUND)
While additional 50,000 applications are under going processing , expecting to be approve within the next one month.
In his address , the Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr said that ,the funds will be distributed according to the academic calendar of each institution.
However, Sawyerr explained, “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 remain open permanently because institutions don’t have a uniform calendar,”
1.2 million students, are expected to benefit from the program ,which is one of the key initiative of the Tinubu administration.
Applicants must provide their Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), and Bank Verification Number (BVN).
Students from Federal Government-owned tertiary institutions will be the first to receive loans, followed by those from state-owned institutions.
Mean why the agency will start accepting applications from students in state-owned institutions starting June 25, 2024.
The loan, equivalent to the tuition fees of the recipients, will be paid directly to their respective institutions. Additionally, stipends will be provided monthly to assist students with other expenses, ensuring their comfort during their studies.
NELFUND is collaborating with 126 tertiary institutions on the scheme.
