Date President Tinubu will launch student loan scheme emerges

• President Bola Ahmed Tinubu is set to launch the student loan scheme in the Federal Capital Territory (FCT)
• It was gathered that President Tinubu will launch the student loan scheme on Wednesday, July 17, at the State House, Abuja
• Legit.ng reports that the student loan scheme aims to support eligible students nationwide, including school fees and stipends

Legit.ng journalist Adekunle Dada has over 5 years of experience covering basic and tertiary education in Nigeria and worldwide

State House, Abuja - President Bola Ahmed Tinubu will launch the student loan scheme on Wednesday, July 17, at the State House, Abuja.

The launch of the student loan scheme will mark the commencement of its implementation.

The student loan scheme will be launched at the State House on July 17 Photo credit: Asiwaju Bola Ahmed Tinubu
Source: Facebook

As reported by Leadership, Tinubu had approved ₦35 billion for the scheme’s launch, targeting 70,000 initial applications, with an additional 50,000 awaiting approval.

The Chairman of the Governing Board of the Nigerian Education Loan Fund (NELFund), Jim Ovia, approved the disbursement of loans to successful applicants during its inaugural meeting in Abuja last month, The Sun reports.

“By approving the immediate disbursement of the loans, (NELFund) has taken a critical step in fulfilling its mission to support education and empower the next generation of leaders.”

The student loan scheme aims to support eligible students nationwide, including school fees and stipends.

Over 1.2 million students are expected to benefit from the first phase of the Tinubu administration’s flagship programme.

Legit.ng recalls that FG released the requirements tertiary students seeking loans for studies must meet to get approval.

Among the guidelines is that a student or their parents may not have defaulted on any previous loan.

Tinubu has repeatedly stated his intention to ensure that no Nigerian student drops out of tertiary institutions due to lack of funds.

FG announces date to open student loan portal

Meanwhile, Legit.ng reported that NELFUND announced May 24, 2024, as the official date for the opening of the portal for student loan applications.

The media lead of NELFUND, Nasir Ayantogo, confirmed this development to journalists on Thursday via a statement.

Ayantogo explained how the student could begin application on the portal and access loans to pursue their academic aspirations without financial constraints.

Source: Legit.ng