The Student Loan Scheme of the Bola Ahmed Tinubu Administration is finally set to take off with about 1.2 million beneficiaries.
Nigerian Education Loan Fund (NELFUND’s) Managing Director/Chief Executive Officer (MD/CEO), Mr. Akintunde Sawyer said the loan scheme will take off soon after President Tinubu signed it into law on April 3.
It will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS). The FIRS has already been given a revenue target of N19.4 trillion.
If the target is met, N194 billion will be available as a loan to the beneficiary students and repayment, according to the law, will commence two years after the completion of the National Youth Service Corp (NYSC).
Commenting on the scheme, the NELFUND CEO said;
“We don’t expect to have more than 1.2 million students in the first instance. As time goes on, there will probably be expansion.
“For the successful applicants, we will be paying their…
Source: Linda Ikeji
