FG Finally Sets Date For Students’ Loan Take Off, Announces For Recovery Time

FG Finally Sets Date For Students’ Loan Take Off, Announces For Recovery Time

  • The Nigerian government has said that the student loan portal will open for eligible students in March
  • A statement by the executive secretary of NELFund, Akintunde Sawyer, noted that the scheme was delayed for technical reasons
  • He said the recovery process will begin two years after NYSC to give beneficiaries time to find employment

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

The Nigerian government has stated that the Nigerian Education Loan Fund (NELFund) portal for eligible students will begin this March.

The executive secretary of NELFund, Akintunde Sawyer, disclosed this in an interview with the News Agency of Nigeria on Thursday, March 7, 2024, in Abuja

FG to kickstart student loan
President Bola Tinubu's government to finally begin student loans Credit: State Loan
Source: Twitter

FG gives reasons for delay

President Bola Tinubu signed the Access to Higher Education Bill on June 12, 2023, to allow disadvantaged students to access interest-free loans to pursue their education in any tertiary institution in Nigeria.

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The scheme was initially slated for take off between and October 2023 but was rescheduled for January this year and was again shelved.

Sawyer explained that the delay was due to technical reasons and the need for proper execution.

He said:

“The take-off date is this month (March), and the delay is that we are trying to get it right.
“This is not a political programme where we say, oh! We will do it; it doesn’t matter how it works.
“This programme will probably run beyond me as a human being, not even as a Secretary. We want to run this adequately, so we have to get it right,’’ he said.

FG sets repayment period

Reports say that Sawyer noted that the recovery process from beneficiaries of the NELFund would commence two years after the National Youth Service Corps (NYSC).

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He said the two-year grace period gives candidates enough time to find jobs and achieve financial stability before repayment.

The scheme came under criticism from many who said the lack of employment opportunities in Nigeria would disrupt repayment and cause a glitch in the system.

How beneficiaries can apply

Legit.ng reported that the federal government of Nigeria will open the website for the much-anticipated student loan soon.

The minister of state for education, Yusuf Sununu, said the January 2024 date for the take-off of the student loan was still in place.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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