The Federal Government has announced its plan to launch the Nigerian Education Loans Fund with the aid of an application for students in tertiary institutions.
Dr. Akintunde Sawyerr, the Executive Secretary of the Student Loan Board, shared this information with State House correspondents on Monday in Abuja.
He said the student loan app is part of the Education Loans Fund scheme the federal government is prepared to unveil, adding that the app will eliminate human intervention as eligible participants can provide their information through the application portal.
According to Sawyerr, the Student Loan Act aims to grant Nigerian students in tertiary institutions access to interest-free loans.
Additionally, it establishes an Education Loan Fund to support Nigerians in funding their higher education.
He said,
- “In applying for this loan, there is zero human intervention.
- “In other words, there is an app, through which applicants will log into a portal to input certain pieces of information to ascertain their eligibility,’’ he said.
Speaking further, Sawyerr mentioned that the loan applies not only to students attending traditional educational institutions but also to those pursuing studies in technical, teaching, and vocational schools.
Sawyerr revealed that the school fees for successful applicants will be sent directly to their institutions. While the loan is available to all Nigerians, it will specifically assist those deemed most in need.
Also speaking at the briefing is Dr. Adedeji, Chairman of FIRS, who pointed out that the Education Tax is slated to be a significant contributor to the financing of the student loans program.
He emphasized that channelling the education tax fund into the scheme is a method through which the government can demonstrate accountability to taxpayers in the country.
What you should know
- President Bola Ahmed Tinubu said earlier this year that the federal government is set to initiate the distribution of student loans to Nigerians starting in January 2024.
- He stated this during a session of the Nigerian Economic Summit in Abuja.
- During the summit, he emphasized that this initiative aligns with his dedication to alleviating the challenges faced by Nigerians.
- Recent increases in tuition fees by certain higher education institutions have caused concern among students and parents. These concerns are exacerbated by the delay in launching a loan scheme scheduled to have begun earlier.
- The student loan program, which was initiated by President Tinubu’s administration, aims to provide interest-free education loans for Nigerians pursuing tertiary education.
- Enacted in June under the name “Access to Higher Education Act, 2023,” or the Students Loan Act, this initiative established an Education Loan Fund.
