FG Student Loan Initiative Set For Launch

THE FG student loan initiative is set for launch, aiming to help 1.2 million applicants in the first phase

According to Akintunde Sawyer, Managing Director/CEO of the Nigerian Education Loan Fund (NELFUND), the Bola Ahmed Tinubu Administration's Student Loan Scheme is expected to assist at least 1.2 million young Nigerians in its initial phase.

President Tinubu gave his approval for this important effort on April 3, and Sawyer said that the application process will open soon.

The program's ambitious nature was underscored by him. The funding source for Worcester is one percent of the Federal Inland Revenue Service's (FIRS) annual revenue collection.

“This year's revenue target for FIRS is N19.4 trillion. If achieved, N194 billion will be earmarked for student loans,” Sawyer stated.

Two years following the conclusion of the National Youth Service Corps (NYSC) program is when debt repayment is expected to start.

According to Sawyer, interested candidates must provide their JAMB numbers, National Identity Numbers (NINs), Bank Verification Numbers (BVNs), and other necessary information in order to be considered for admission.

While matriculated students who are applying for loans also need to submit their matriculation information.

He continued, “We anticipate an initial applicant pool of up to 1.2 million students, with potential for expansion.”

He guaranteed that those who are selected will receive a stipend for personal expenditures in addition to full tuition payments made straight to their universities.

"We will disburse stipends at regular intervals to support basic necessities such as food, photocopying, and data. Our goal is to ensure students' survival during their academic pursuits.

“This initiative aims to broaden access to education.

“President Tinubu's vision is to make this program accessible to as many Nigerians as possible,” Sawyer added.

President Tinubu, however, has sent his appreciation to the National Assembly for the bill's quick approval and emphasized his commitment to eliminating financial hardships from forcing Nigerian children to drop out of school.