Student Loan: FG To Begin Pilot Scheme With Public Institutions

The Tinubu-led Federal Government has announced that it would begin a pilot phase of the student loan scheme with applicants from public tertiary institutions across the country.

The spokesman for the Nigerian Education Loan Fund, Nasir Ayitogo, made this known on Wednesday hours after President Bola Tinubu signed the amended Student Loan bill into law.

In a chat with The Punch, Ayitogo stated that the pilot scheme would begin with students of federal and state universities, polytechnics and colleges of education.

He also revealed that President Tinubu would appoint a chairperson, a Managing Director, and two Executive Directors to its executive management team.

Ayitogo noted that the President is expected to launch the scheme after appointing qualified persons into the offices provided by the provisions of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.

He said: “Right now, with the President’s assent to the new bill, it means there will be a new management. There will be a managing director, as against what we had in the previous law, an Executive Secretary. And there will be two executive directors too.

“So, we await the President to make these fresh appointments before we can begin anything. Before the implementation, those appointments will have to be in place.

“There must be a Chairperson who will be appointed by the President.”

Speaking further, Ayitogo said the new provision covers students in public and private institutions.

He said, “For the pilot scheme, it is just for public institutions.

“The target for this phase of the loan is students of federal and state universities, federal and state polytechnics, and federal and state colleges of education. Anyone who desires the loan will apply.

“When you need the loan, apply and you will get it if you meet the requirements.”