NIN, BVN mandatory for student loans, targets 1.2 million beneficiaries

Date:

April 19, 2024.

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Azonuchechi Chukwu.

The Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their National Identification Number (NIN) and Bank Verification Number (BVN) to access student loans.

In addition to these requirements, the students are also required to provide their Unified Tertiary Matriculation Examination registration number. 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.

He also disclosed that the Fund is targeting about 1.2 million beneficiaries in the first phase of the loan disbursements.

“About 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centers will be among the first batch of beneficiaries,” he said.

According to the managing director, the money to fund the loan scheme is 1% of the revenue generated by the Federal Inland Revenue Service (FIRS) annually.

He said that the management of the loan scheme would verify applications and attached requirements to ascertain 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.

He added that 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 would secure jobs or set up businesses.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. 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 Naija247news.com 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 Naija247news.com'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 Naija247news.com'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 Naija247news.com team.

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