Federal Government to Roll Out Student Loan Scheme in Phases

The Federal Government has announced that the student loan scheme will be rolled out in phases, starting with federal institutions.

This disclosure was made by Akintunde Swayerr, Managing Director of the Nigerian Education Loan Fund, during an interview with Arise Television on Friday, as monitored by media outlet.

Swayerr revealed that the student loan application portal will open on May 24 for loan applications.

He emphasized that the government is currently conducting a sensitization campaign to educate Nigerians on how the scheme will operate.

“The loan scheme aims to bridge the financing gap for students in Nigeria, enabling them to become more resourceful and ultimately aiding the country’s development,” Swayerr stated.

He added, “On April 3, 2024, President Bola Ahmed Tinubu signed into law a monumental act designed to bridge the financing gap for applicants seeking higher education at the tertiary level and vocational training to gain proper qualifications, making them more marketable and useful to Nigerian society.”

The fund will cover 100 percent of all fees at tertiary institutions, including upkeep for students.

Swayerr explained that the plan will initially target public institutions due to 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 extend to others.

The public sector is our starting point because that’s where we find the bulk of students who need financial support and are most vulnerable.”

He concluded, “We have a system that aims for a national spread and ensures equal opportunities for those who have the desire, capacity, and eligibility to engage in this scheme.”