According to the Nigerian Education Loan Fund (NELFUND’s) Managing Director/Chief Executive Officer (MD/CEO), Mr. Akintunde Sawyer, 1.2 million young Nigerians will be in the first batch of those to benefit from the Student Loan Scheme of the Bola Ahmed Tinubu Administration.
Sawyer also confirmed that the scheme is expected to commence “anytime soon”.
The scheme will be funded with 1% of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).
This year, the revenue target given to the FIRS is N19.4 trillion.
Should the agency meet this projection, N194 billion will be available as a loan to the beneficiary students.
On the condition to be met by potential beneficiaries, Sawyer said they would be required to provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details before they can apply for the loan.
He explained that those who are already students and seek to take the loan would need to, in addition to these conditions, provide their matriculation details.