The Federal Government has announced the phased rollout of a student loan scheme, starting initially with federal institutions. Akintunde Swayerr, the Managing Director of the Nigerian Education Loan Fund, revealed this information in an interview with Arise Television, which was monitored by Swayerr stated that the student loan application portal will open on May 24th for interested applicants, while the government is currently conducting a sensitization campaign to educate Nigerians about the scheme’s workings.
He emphasized that the loan scheme aims to address the financing gap for students in Nigeria, empowering them to become more productive and ultimately benefiting the country. Swayerr highlighted that on April 3rd, 2024, President Bola Ahmed Tinubu signed a significant act into law, which focuses on bridging the financing gap for individuals seeking tertiary education or vocational training to enhance their marketability and contribution to society.
Under this scheme, all tertiary institution fees will be covered, along with provision for student upkeep. Swayerr explained that the rollout will occur in phases, starting with federal institutions due to the high number of students in the public sector requiring financial assistance. He expressed the intention for the scheme to have a nationwide reach and ensure equal opportunities for eligible individuals across the country.
