The Federal Government says it is ready to launch the Nigerian Education Loans Fund for students in tertiary institutions.
The Executive Secretary of Student Loan Board, Dr Akintunde Sawyerr, disclosed this to State House correspondents on Monday in Abuja.
He said that the scheme was to eliminate the challenges faced by Nigerian youths in accessing tertiary education due to lack of funding by their parents or guardians.
According to him, the loan is a statute backed financial support provided to students for their education in both the private and government institutions, allocated for long term and short term purposes.
He said the Student Loan Act seeks to provide access to interest-free loans to Nigerian students in tertiary institutions and it as well, establishes an Education Loan Fund to help Nigerians fund their higher education.
Mr 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, 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.
The Students Loan Act is Tinubu’s second piece of legislation signed into law within two weeks of his assumption of office in May 2023.
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