The Federal Government says the student loan scheme would be rolled out in phases, beginning with the federal institutions.
The Managing Director, Nigerian Education Loan Fund, Akintunde Swayerr, who made this disclosure in an interview with Arise Television on Friday, monitored by DAILY POST, said the student loan application portal will be opened on the 24th of May for loan applications.
He further said the government is currently “in the midst of a sensitization campaign to inform Nigerians how the scheme will work.”
Swayerr explained that the loan scheme seeks to bridge the financing gap for students in Nigeria, enabling them to become more resourceful, and eventually aiding the country.
“On the 3rd of April 2024, President Bola Ahmed Tinubu signed into law a monumental act that seeks to bridge the financing gap for applicants who want to get a higher education that is tertiary level.
“…and who wants to get vocational training to get proper qualifications that enables them to be more marketable and useful to the Nigerian society.
“The fund covers 100 percent of all the fees of tertiary institutions. There’s also upkeep for the student,” he said.
Swayerr noted that this plan will be rolled out in schemes, the first being the public institutions because of the large number of students in that sector requiring financial aid.
“We’re going to roll this plan out in phases. The first phase will be with federal institutions then to 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.
“We have a system that hopefully makes this have a national spread and some degree of equal opportunities for those who have the desire, capacity, eligibility to engage in this scheme,” he said.
Student loan to start with federal institutions — Nigerian govt