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The future of education in Nigeria is super bright as more children of the poor will get the opportunity to proceed with their choice course of studies in various Universities, Polytechnic and College of Education across Nigeria without the fear of funds
• Here Is How The Selected Applicants Are To Get Upkeep Stipends
No fewer than 1.2 million young Nigerian students will be in the first batch of those to benefit from the Student Loan Scheme of President Bola Ahmed Tinubu's Administration.
The ambitious cardinal program will be funded with one percent of the total annual collectible revenue by the Federal Inland Revenue Service (FIRS), as stated clearly
This year, the revenue target given to the FIRS is about N19.4 trillion and the collection process is progressing. Should the agency meet this projection, N194 billion will be available as a loan to the beneficiary students across the West African country Nigeria
How To Repay The Nigeria Student Loan
The repayment, according to the law, will commence two years after the completion of the National Youth Service Corp (NYSC) by the benefitialsAccording to the NELFUND CEO, all is set for the commencement of registration and application by tertiary institution students. He said: “We don’t expect to have more than 1.2 million students in the first instance. But “as time goes on, there will probably be expansion and more openings for more students
“For the successful applicants, we will be paying their fees – the full amount – directly to the institutions, not to the student's account, but there will also be a stipend paid to the individual's "Student" account.
“At a regular interval, the beneficiaries will receive an amount of money for their upkeep so that they can do the basic things, like feeding, buying textbooks, photocopying handouts and data for learning and research work.
“They can use the stipend to ensure that there is enough opportunity for them to survive the experience of being students. “We all know that students’ survival is on another level.”
How To Met The Conditions To Be A Potential Beneficiary Of The Nigeria Student Loans
On the condition to be met by potential beneficiaries, he said they would be required to provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details before they can apply for the loan.He restated President Bola Ahmed Tinubu’s pledge to ensure that as many students as are interested to benefit from the scheme. “Without a doubt, President Tinubu intends to ensure that as many Nigerians as possible get this opportunity.
“That is why he has vigorously pursued this opportunity on behalf of students, for the betterment of all Nigerians. “That is why all of us must join hands to ensure that capacity expansion can happen in the shortest time possible
“This is not going to be an elitist program. It is a program that is going to drag as many people into the education system as possible and make them a far better citizenry of our dear nation.
“That is what the President intends for and all of us stand by and that is what we are going to do,” he said. President Tinubu has repeatedly said he intends to ensure that no Nigerian student drops out of tertiary institutions for lack of funds while signing the Bill into law and thanked the National Assembly for expeditiously passing it.