The Federal Government has officially launched the Student Loan Scheme following recent amendments.
President Bola Tinubu is currently inaugurating a presidential committee to oversee the scheme at the State House in Abuja.
1. Initial Funding: President Tinubu approved ₦35 billion to be allocated by the Nigerian Education Loan Fund (NELFund), targeting an initial 70,000 applicants.
2. Leadership: Jim Ovia, appointed by Tinubu as Chair of the NELFund Governing Board, approved the loan disbursements during the board’s inaugural meeting in Abuja last month.
3. Implementation Team: During the inauguration at the Villa, President Tinubu is expected to outline the terms of reference for the implementation team to ensure the scheme’s effective execution.
The scheme aims to provide financial support to students, ensuring access to education and reducing the burden of educational expenses on families.
More details on the terms and conditions of the loans, as well as the application process, are expected to be released soon.