The Nigerian Education Loan Fund has said at least 1.2 million Nigerian students in tertiary institutions and government-recognised skill acquisition centres will be among the first batch of beneficiaries.
The Managing Director of NELFUND, Mr Akintunde Sawyerr, disclosed this during an interactive session with members of Education Writers Association of Nigeria in Lagos.
NELFUND noted that Unified Tertiary Matriculation Examination registration number, National Identification Number and Bank Verification Number are major requirements for accessing Students Loans.
βAbout 1.2 million Nigerian students in tertiary institutions and government-recognised skill acquisition centres will be among the first batch of beneficiaries,β he said.
Sawyerr said the money to fund the loan scheme is one per cent of the revenue generated by the Federal Inland Revenue Service annually.
He stated that that the requirements for accessing the loan were to confirm eligibility.
The maging director said that the management of the loan scheme would verify applications and attached requirements to ascertain eligibility.
He said that disbursement would be in two segments.
βThe school fee will be paid to the institution on behalf of the student and the stipend directly to studentβs account,β he said.
Sawyerr said financially-indigent undergraduates, who need the loan for their education, are free to apply on a designed website and must provide their matriculation details.
He explained that the beneficiaries would be expected to start servicing the loans when they would secure jobs or set up businesses.
