Student loan scheme set for take off with 1.2m beneficiaries


April 17, 2024.

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Azonuchechi Chukwu.

The Student Loan Scheme of the Bola Ahmed Tinubu Administration is finally set to take off with about 1.2 million beneficiaries.

Nigerian Education Loan Fund (NELFUND’s) Managing Director/Chief Executive Officer (MD/CEO), Mr. Akintunde Sawyer said the loan scheme will take off soon after President Tinubu signed it into law on April 3.

It will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS). The FIRS has already been given a revenue target of N19.4 trillion.

If the target is met, N194 billion will be available as a loan to the beneficiary students and repayment, according to the law, will commence two years after the completion of the National Youth Service Corp (NYSC).

Commenting on the scheme, the NELFUND CEO said;

“We don’t expect to have more than 1.2 million students in the first instance. As time goes on, there will probably be expansion.

“For the successful applicants, we will be paying their fees – the full amount – directly to the institutions.

“There will also be a stipend paid to the individuals. At a regular interval, the beneficiaries will receive an amount of money for their upkeep so that they can do the basic things – feeding, photocopying handouts and data.

“They can use the stipend to ensure that there is enough opportunity for them to survive the experience of being students. We all know that students’ survival is on another level.”

On the condition to be met by potential beneficiaries, Sawyer said they would be required to provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details before they can apply for the loan.

Those who are already students and seek to take the loan would need to, in addition to these conditions, provide their matriculation details. He added;

“Without a doubt, President Tinubu intends to ensure that as many Nigerians as possible get this opportunity. That is why he has vigorously pursued this opportunity on behalf of students.

“That is why all of us must join hands to ensure that capacity expansion can happen. This is not going to be an elitist programme. It is a programme that is going to drag as many people into the education net as possible.

“That is what the President intends and that is what we are going to do.” (

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Azonuchechi Chukwu
Azonuchechi Chukwu
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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