The Nigerian government has earmarked ₦35 billion to launch the student loan scheme.
The Nigerian Education Loan Fund (NELFUND) says it has approved 70,000 applications so far, and an additional 50,000 are currently under evaluation, with an expected approval within the next 30 days.
The Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, said that the funds will be distributed according to the academic schedules of each institution.
A key initiative of the Tinubu administration, the program is anticipated to benefit about 1.2 million students,
To apply for the loan, applicants must provide their Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), and Bank Verification Number (BVN).
Students from Federal Government-owned tertiary institutions will be the first to receive loans, followed by those from state-owned institutions.
The agency will begin accepting applications from students in state-owned institutions starting June 25, 2024.
The loan, equivalent to the tuition fees of the recipients, will be paid directly to their respective institutions. Additionally, stipends will be provided monthly to assist students with other expenses, ensuring their comfort during their studies.
NELFUND says it is working with 126 tertiary institutions on the scheme.