Breaking News: FG Launches Student Loan Scheme, Disburses ₦35 Billion to 70,000 Beneficiaries

The Federal Government has officially launched the Student Loan Scheme, with President Bola Tinubu inaugurating a presidential committee to drive the program at the State House in Abuja. The scheme aims to provide financial assistance to students in tertiary institutions across the country.

To kick-start the program, President Tinubu has approved ₦35 billion for disbursement to 70,000 initial applicants through the Nigerian Education Loan Fund (NELFund). The loans will be disbursed based on specific criteria, and the NELFund’s Governing Board, chaired by Zenith Bank founder Jim Ovia, has already approved the disbursement of loans to successful applicants.

This landmark initiative is expected to provide relief to many students who face financial challenges in pursuing their education. The Student Loan Scheme is a significant step towards ensuring that every Nigerian student has access to quality education, regardless of their financial background.