Nigeria’s Student Loan Scheme Launches Friday with 1.2 Million Beneficiaries

The much-anticipated student loan programme will officially begin this Friday, with 1.2 million students from federal tertiary institutions set to benefit, according to Akintunde Sawyerr, Managing Director/CEO of the Nigeria Education Loan Fund.

Speaking at a pre-application sensitisation press conference in Abuja, Sawyerr confirmed that this first phase targets students in federal universities, polytechnics, colleges of education, and technical colleges.

Nigeria boasts 226 federal tertiary institutions, including 62 universities, 41 polytechnics, 96 monotechnics, and 27 colleges of education, according to data from the National Universities Commission.

President Bola Tinubu signed the Student Loans (Access to Higher Education) Act into law on April 3. This legislation repeals and reenacts the previous act to establish the Nigerian Education Loan Fund, which will manage and invest funds to provide loans for higher education, vocational training, and skills acquisition.

The new law removes the family income threshold, allowing all students to apply for loans directly. It aims to ensure equitable access to quality education, regardless of socioeconomic background.

Despite initial plans to launch in September, delays extended the start date. The scheme now begins on May 24, expanding to include loans for vocational skills training.

Sawyerr urged eligible students to visit the Fund’s website, http://www.nelf.gov.ng, to apply starting May 24. He emphasized that students must have their institution’s data uploaded on the Fund’s dashboard to be eligible. Requirements for application include a Joint Admissions and Matriculation Board admission letter, National Identity Number, and Bank Verification Number.

The loan application process is designed to be user-friendly, with no physical contact required between applicants and the Fund. Successful applicants will also receive monthly stipends for upkeep.

In addition to the student loan scheme, the Federal Government called on state governments to ensure the responsible use of matching grants for the Universal Basic Education Commission programme. Dr. Hamid Bobboyi, Executive Secretary of UBEC, emphasized the need for financial integrity during a training programme for accountants and auditors.

Bobboyi highlighted the importance of robust accounting systems to manage government funds effectively and called for strict adherence to guidelines to maintain accountability and transparency. He noted that despite previous training, financial practices remain problematic, urging participants to apply the knowledge gained to improve their practices.

To further enforce compliance, UBEC’s Director of Finance and Accounts, Adamu Misau, mentioned that a new sanction regime for financial mismanagement would soon be implemented, following adequate training of financial officers.