President Bola Tinubu is set to officially launch the Student Loan Scheme on Wednesday, July 17, 2024, signifying the start of the programme’s implementation. The launch event will be held at the State House in Abuja.
The initiative, aimed at providing financial assistance to students across Nigeria, follows the President’s approval of ₦35 billion for the scheme’s initial phase, which targets 70,000 applicants. This substantial funding underscores the administration’s commitment to improving access to higher education for Nigerian students.
The Nigerian Education Loan Fund (NELFund), chaired by Mr. Jim Ovia, has played a pivotal role in advancing this initiative. During its inaugural meeting in Abuja last month, the Governing Board approved the disbursement of loans to successful applicants.
“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 stated.
The Student Loan Scheme is designed to alleviate the financial burdens faced by students, ensuring that financial constraints do not hinder educational pursuits. The programme aims to provide accessible and sustainable financial support, promoting academic excellence and fostering a knowledgeable and skilled workforce.