The Nigerian government has explained how the students’ loan scheme can be accessed.
The Nigerian Education Loan Fund (NELFUND) stated that UTME registration number, National Identification Number, NIN and Bank Verification Number, BVN are major requirements for accessing student loans.
The Managing Director of NELFUND, Mr Akintunde Sawyerr, made this known during an interactive session with members of the Education Writers Association of Nigeria (EWAN), in Lagos.
“About 1.2 million Nigerian students in tertiary institutions and government-recognised skill acquisition centres will be among the first batch of beneficiaries,” he said.
According to the managing director, the money to fund the loan scheme is one per cent of the revenue generated by the Federal Inland Revenue Service annually.Sawyerr said that the requirements for accessing the loan were to confirm eligibility.
He said that the management of the loan scheme would verify applications and attached requirements to ascertain their eligibility.
He said that disbursement would be in two segments.
“The school fee will be paid to the institution on behalf of the student and the stipend directly to the student’s account,” he said.
The managing director said financially-indigent undergraduates, who need the loan for their education, are free to apply on a designed website and must provide their matriculation details.
He said that the beneficiaries would be expected to start servicing the loans when they secure jobs or set up businesses. (NAN)
