The long-awaited Student Loan Scheme under the stewardship of President Tinubu is primed to soar, extending educational opportunities to a staggering 1.2 million beneficiaries.
Spearheading this transformative initiative, Mr. Akintunde Sawyer, the Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), affirms that the scheme is poised for imminent implementation following President Tinubu’s assent on April 3.
Central to the scheme’s funding mechanism is the allocation of one percent of the Federal Inland Revenue Service’s (FIRS) annual collectable revenue. With the FIRS entrusted with a formidable revenue target of N19.4 trillion, the scheme stands to access a substantial funding pool of N194 billion.
This financial reservoir is earmarked to facilitate loans for aspiring scholars, with repayment obligations deferred until two years post-completion of the National Youth Service Corps (NYSC) program, as stipulated by the law.
As the gears of this visionary initiative begin to turn, the NELFUND CEO said;
“We don’t expect to have more than 1.2 million students in the first instance. As time goes on, there will probably be expansion.
“For the successful applicants, we will be paying their fees – the full amount – directly to the institutions.
“There will also be a stipend paid to the individuals. At a regular interval, the beneficiaries will receive an amount of money for their upkeep so that they can do the basic things – feeding, photocopying handouts and data.
“They can use the stipend to ensure that there is enough opportunity for them to survive the experience of being students. We all know that students’ survival is on another level.”
