Education Loan Scheme: FG Releases Application Details

The Federal Government has released application details for the pilot programme of the Nigerian Education Loan Scheme.

The government it would begin actualizing the education loan scheme with applicants from public tertiary institutions.

By this, students of federal and state universities, polytechnics and colleges of education would be attended to first.

Details were released by the spokesperson for the Fund, Mr Nasir Ayitogo.

He said the provisions of the Education Loan Scheme, known as Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, had been signed by President Bola Tinubu, an exclusive report by Punch has indicated. .

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Other details on the Nigerian Education Loan are as follows as provided in the report are as follows::

1. President Bola Tinubu is expected to appoint a chairperson, a Managing Director and two Executive Directors as part of its executive management team soon
2. The President is expected to launch the scheme afterwards.
3. The executive bill that brought it into being was titled “A Bill for an Act to Repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a Body Corporate to Receive, Manage and Invest Funds to Provide Loans to Nigerians for Higher Education, Vocational Training and Skills Acquisition and for Related matters.”
4. Before becoming operational, it was first separately considered by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and TETFund.

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1. By the new act, the Nigerian Education Loan scheme becomes a corporate entity with the ability to enter contracts, including loan agreements with applicants, or to initiate enforcement actions to recover loans from beneficiaries; provisions it lacked hitherto.
2. The pilot scheme covers only students in public institutions only, that is federal and state universities, federal and state polytechnics, federal and state colleges of education.
3. Tinubu signed the Access to Higher Education Act, 2023 into law On June 12, 2023, to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

WE will keep you updated on this and other education funding opportunities.

-Editor