FG Lists 1.2 Million Students as First Recipients of Student Loan Scheme

NELFUND, the Nigerian Education Loan Fund, recently announced a significant development that could benefit over 1.2 million Nigerian students.

These students, enrolled in tertiary institutions and government-recognized skill centers, are set to become the inaugural recipients of the Federal Government’s student loan initiative.

To access these loans, students must provide essential details such as their UTME registration number, National Identification Number, and Bank Verification Number.

Mr. Akintunde Sawyerr, the Managing Director of NELFUND, shared this information during a meeting with the Education Writers Association of Nigeria (EWAN) in Lagos.

The funding for this initiative, Sawyerr explained, comes from one percent of the revenue collected by the Federal Inland Revenue Service each year.

He outlined the application process, emphasizing the importance of meeting eligibility criteria and providing accurate documentation.

The loan disbursement will occur in two parts: the first portion will cover school fees, paid directly to the institution, while the remainder will be provided as a stipend directly to the student’s account.

Financially disadvantaged undergraduates who require support for their education are encouraged to apply through a designated website, submitting their matriculation details.

Beneficiaries are expected to begin repaying the loans once they secure employment or establish businesses.

This initiative represents a significant step towards improving access to higher education for Nigerian students, offering a lifeline to those in need of financial assistance to pursue their academic aspirations.