The Nigeria Education Loan Fund (NELFUND) has disclosed that students who are interested in accessing student loans will be required to present their Bank Verification Number and their National Identification Number.
Earlier this month, President Bola Tinubu signed the newly amended Student Loans Re-enactment Bill, 2024, into legislation.
The executive bill, titled "A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023, and to Enact the Student Loans (Access to Higher Education) Bill, 2024," was signed to establish the Nigerian Education Loan Fund.
Mr. Akintunde Sawyerr, the Managing Director of NELFUND, disclosed more information while engaging in an interactive session with members of the Education Writers Association of Nigeria (EWAN) in Lagos.
According to him, "1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centers will be among the first batch of beneficiaries."
Apart from the BVN and NIN requirements, students will also be asked to provide their Unified Tertiary Matriculation Examination (UTME) registration number.
The funding for the loan scheme comprises 1% of the annual revenue generated by the Federal Inland Revenue Service (FIRS).
According to Mr. Sawyerr, the distribution would occur in two segments— each student's tuition fees which will be transferred directly to their institution on behalf of the student, and the stipend fee which will be deposited directly into each student's account.
He also mentioned that financially disadvantaged undergraduate students interested in the student loan program for their education can freely submit their applications on the registration portal after it is launched.
Approved students would be required to start repaying their loans once they secure employment or establish businesses.
Earlier this month, President Bola Tinubu signed the newly amended Student Loans Re-enactment Bill, 2024, into legislation.
The executive bill, titled "A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023, and to Enact the Student Loans (Access to Higher Education) Bill, 2024," was signed to establish the Nigerian Education Loan Fund.
Nigerian Education Loan Fund (NELFUND) logo. Source: Premium Times Nigeria.
Mr. Akintunde Sawyerr, the Managing Director of NELFUND, disclosed more information while engaging in an interactive session with members of the Education Writers Association of Nigeria (EWAN) in Lagos.
According to him, "1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centers will be among the first batch of beneficiaries."
Apart from the BVN and NIN requirements, students will also be asked to provide their Unified Tertiary Matriculation Examination (UTME) registration number.
The funding for the loan scheme comprises 1% of the annual revenue generated by the Federal Inland Revenue Service (FIRS).
According to Mr. Sawyerr, the distribution would occur in two segments— each student's tuition fees which will be transferred directly to their institution on behalf of the student, and the stipend fee which will be deposited directly into each student's account.
He also mentioned that financially disadvantaged undergraduate students interested in the student loan program for their education can freely submit their applications on the registration portal after it is launched.
Approved students would be required to start repaying their loans once they secure employment or establish businesses.
