Tinubu Government Launches Student Loan Scheme with ₦35 Billion Fund Allocation

• The Nigerian Federal Government, led by President Bola Tinubu, has launched a Student Loan Scheme with an initial allocation of ₦35 billion, intended to support 70,000 students.
• A presidential committee has been established to oversee the scheme’s implementation, with Jim Ovia, founder of Zenith Bank, appointed to chair the Governing Board of the Nigerian Education Loan Fund (NELFund).
• The scheme aims to remove financial barriers to higher education, promoting equitable access and contributing to human capital development and socio-economic growth in Nigeria.

Tinubu Government Launches Student Loan Scheme with ₦35 Billion Fund Allocation

In a significant move aimed at enhancing access to higher education, the Federal Government, under President Bola Tinubu, has officially commenced the Student Loan Scheme following recent amendments.

President Tinubu inaugurated a presidential committee tasked with overseeing the implementation of the scheme during a ceremony held at the State House in Abuja.

He outlined specific terms of reference for the committee, emphasizing the need for effective operation and adherence to the scheme’s mandate.

To jumpstart the initiative, according to Politics Nigeria, President Tinubu recently approved ₦35 billion for disbursement through the Nigerian Education Loan Fund (NELFund). This funding is earmarked to benefit an initial batch of 70,000 applicants, selected based on specific criteria.

Jim Ovia, founder of Zenith Bank, was appointed by President Tinubu to chair the Governing Board of NELFund.

Under his leadership, the board convened its inaugural meeting in Abuja last month and approved the disbursement of loans to successful applicants.

The launch of the

signifies a commitment to expanding educational opportunities for Nigerian youths, addressing financial barriers that often limit access to higher education. It is expected to provide crucial financial support to students pursuing tertiary education across the country.

President Tinubu’s administration aims to ensure that the scheme operates transparently and efficiently, facilitating greater participation and equitable access to educational resources.

This initiative represents a significant step towards fostering human capital development and promoting socio-economic growth through enhanced educational attainment.