Student Loan Program To Launch With Federal Institutions, Says Nigerian Government

Student Loan Program To Launch With Federal Institutions, Says Nigerian Government

Published on May 17, 2024
By Noah Abdulsalam

The Federal Government has announced that its student loan scheme will initially be implemented at federal institutions…..read also Nigerian Government Decides Federal Institutions To Initiate Student Loan Process (Full-Details)

Akintunde Swayerr, Managing Director of the Nigerian Education Loan Fund, disclosed this during an interview with Arise Television on Friday, monitored by DAILY POST. Swayerr revealed that the student loan application portal will open on May 24.

He mentioned that the government is currently conducting a sensitization campaign to educate Nigerians about the scheme’s operation. The loan program aims to address the financial challenges faced by Nigerian students, enhancing their resourcefulness and benefiting the country.

“On April 3, 2024, President Bola Ahmed Tinubu signed into law an act designed to bridge the financing gap for students seeking tertiary education and vocational training,” Swayerr said. “The fund covers 100 percent of all tertiary institution fees and provides for student upkeep.”

The scheme will be rolled out in phases, starting with federal institutions due to the high number of students needing financial aid. “We’re beginning with public institutions because they house the majority of students requiring financial support,” Swayerr explained.

He emphasized that the plan aims to ensure national coverage and equal opportunities for eligible students across Nigeria.