The Federal Government stated that the student loan programme will be implemented in stages, beginning with federal institutions. Akintunde Swayerr, the Managing Director of the Nigerian Education Loan Fund, said this in an interview with Arise Television on Friday. According to Swayerr, the student loan application portal will open on May 24th for loan applications.
He also mentioned that the government is “in the midst of a sensitization campaign to begin to let Nigerians know how the scheme will work.” The MD stated that the loan initiative aims to close the finance gap for Nigerian students, allowing them to become more resourceful and ultimately benefit the country.
He stated, “On April 3, 2024, President Bola Ahmed Tinubu signed into law a landmark measure that intends to bridge the finance gap for applicants who want to pursue a higher education at the tertiary level. “…and who wants to get vocational training to get proper qualifications that enable them to be more marketable and useful in Nigerian society.”
“The fund covers 100 percent of all tertiary institution costs. There is also maintenance for the student.Swayerr stated that this strategy will be implemented in stages, with the first phase focusing on public institutions due to the high number of students in that sector who require financial assistance.
Student loan
“We’re going to phase this strategy out. The first term will be directed at federal institutions, then to others. It will begin with the public sector since that is where we will find the majority of students who may require financial assistance and are the most vulnerable.
Source: vanguardngr.com
