The Federal Government says it is ready to establish the Nigerian Education Loans Fund for tertiary students.Dr. Akintunde Sawyerr, Executive Secretary of the Student Loan Board, announced this to State House journalists in Abuja on Monday.
He stated that the initiative was designed to address the obstacles that Nigerian youngsters have in obtaining postsecondary education owing to a lack of finance from their parents or guardians.
According to him, the loan is a statute-backed financial assistance granted to students for their education at both private and public institutions, with funds allotted for long and short term reasons.
He stated that the Student Loan Act strives to give access to interest-free loans to Nigerian students in higher institutions. It also establishes an Education Loan Fund to help Nigerians fund their higher education
Sawyerr said that the loan would not only be applicable to students going to formal educational institutions but also to those going into technical, teaching and vocational schools.
For accessibility and accountability, Sawyerr said the application procedure would be devoid of human interference.
“In applying for this loan, there is zero human intervention.
“In other words, there is an app, through which applicants will log into a portal to input certain pieces of information to ascertain their eligibility,’’ he said.
Similarly, Mr Zaccheus Adedeji, Chairman of the Federal Inland Revenue Service, said that the scheme would be funded with the Education Tax under the Service. The loans, he said, would allow more youths to enjoy quality education in line with the campaign promises of President Bola Tinubu.
