Federal Government’s Loan Plan: Students to Receive Payment Next Week

Students at tertiary schools who have successfully qualified for the Federal Government’s loan plan and are starting new academic sessions will begin receiving credit alerts next week, according to NELFUND.

The folks who would receive warnings as early as next week are those who are about to begin a new session in their institution,” NELFUND Managing Director Akintunde Sawyerr told Channels Television’s Politics Today on Wednesday.

He stated that other successful applicants will not begin receiving credit notices until the start of academic sessions at their respective institutions.

Sawyerr’s statement came hours after President Bola Tinubu unveiled the Nigerian Education Loan Fund (NELFUND) at the State House in Abuja.

He stated that 170,000 applicants from universities, polytechnics, and schools of education now have NELFUND accounts, but only 110,000 have completed the application procedure.

The NELFUND CEO stated that there are two sorts of beneficiaries: institutions that will be paid on behalf of people who have successfully applied to those institutions, and applicants – the students themselves – who would get a monthly stipend.

“It’s one thing to have the loan approved; another to start receiving value. This loan is for people who are starting new institutions or who are already established.”

Sawyerr stated that each applicant must have JAMB numbers, matric numbers, Bank Verification Numbers (BVN), and National Identification Numbers (NIN), among other prerequisites.

“The current exposure to students is approximately N35 billion. We have considerably more in our accounts that we can disburse, and additional funding is on its way. Remember, we receive 1% of Federal Inland Revenue Service taxes, and we may obtain more income from other sources,” the NELFUND president noted.