FG To Extend Student Loan To State-owned Institutions In Second Phase

The Bola Tinubu-led Federal Government has said the student loan scheme will be open to state-owned tertiary institutions in its second rollout.

The media spokesperson of the Nigerian Education Loan Fund (NELFUND), Nasir Ayitogo, made this known in a statement on Tuesday.

The NELFUND spokesman confirmed that the scheme’s pilot phase would only be open to federal tertiary institutions.

He said NELFUND noticed the publication of misleading narratives on social media which claimed that the student loan programme is solely for federal institutions.

Ayitogo said a second phase of the scheme, which will launch soon after the initial rollout, will extend to students at state institutions.

He said: “NELFUND categorically states that this information is incorrect.

“The programme is designed to roll out in phases to ensure effective and efficient management.

“NELFUND is fully committed to providing financial support to all eligible students, regardless of whether they attend federal or state tertiary public institutions.”

President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.

The scheme was to commence in October 2023 but implementation was repeatedly deferred until a re-enactment in April 2024.

NELFUND recently scheduled the opening of the loan application and issuance portal for May 24.

During a pre-application sensitisation in Abuja last week, NELFUND said the scheme’s pilot phase would only be open to federal tertiary institutions.