President Tinubu to launch Students Loan Scheme as over 1.2 million students to benefit in first phase
President Bola Tinubu is set to launch the student loan scheme on Wednesday, July 17, marking the commencement of the programme’s implementation.
A few weeks ago, the President approved ₦35 billion for the scheme’s launch, targeting 70,000 initial applications, with an additional 50,000 awaiting approval.
The Governing Board of the Nigerian Education Loan Fund (NELFund), chaired by Mr Jim Ovia, approved the disbursement of loans to successful applicants during its inaugural meeting in Abuja last month.
“By approving the immediate disbursement of the loans, [NELFund] has taken a critical step in fulfilling its mission to support education and empower the next generation of leaders,” the agency said in a statement.
The student loan scheme, a flagship programme of the Tinubu administration, aims to provide financial support, including school fees and stipends, to eligible students nationwide. Over 1.2 million students are expected to benefit from the first phase of the programme.
Initially, the scheme will focus on students attending federal government-owned institutions. Students from state-owned institutions will be included in the second phase of the rollout.
