JUST IN: Federal Institutions’ Students Exclusively Eligible for Student Loans – FG

Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND), announced that student loans will initially be available only to students from federal tertiary institutions. This decision will affect up to 1.2 million students in its first phase.

Speaking ahead of the portal’s official launch this Friday, Sawyerr clarified that the application process will be open to students whose institutions have completed uploading their data. Applications will begin as early as May 24, with a streamlined process designed to ensure easy access for all qualified students.

This initiative is a key element of President Bola Tinubu’s Renewed Hope Agenda, aimed at providing financial support to needy students. The loans will cover obligatory fees and offer stipends, alleviating financial pressures and enabling students to focus on their studies.

“The Fund will directly pay 100 percent of institutional fees to the learning institutions and provide monthly stipends to students during the academic session,” Sawyerr stated. He emphasized that the process will be entirely digital, with no physical contact required between applicants and NELFUND. The application portal is user-friendly, with comprehensive online support and flexible repayment plans.

“We encourage all students in federal institutions to take advantage of this opportunity. Early submission of applications is crucial for timely processing,” Sawyerr urged.