Complete List: 5 Groups Prohibited from Tinubu Government’s Student Loan Program
On Wednesday, April 3, President Bola Tinubu officially endorsed the amendment to the national students loan bill, solidifying its status as law.
The government aims to provide financial aid to economically disadvantaged Nigerian students attending higher education institutions.
The program is designed to provide students with loans that can be used to cover tuition fees and other related educational expenses.
According to Dada Olusegun, a presidential aide, there is an extraordinary opportunity in Nigerian education history where a financial package of N2 million is available for a four-year undergraduate program.
However, there are five groups of individuals who are ineligible for this loan, as reported by Nigerian Tribune and highlighted by educationnews.ng on Wednesday, April 3.
1. An individual convicted of exam misconduct by a school authority.
2. A person who has been demonstrated to have failed to meet obligations regarding a prior loan from any organization.
3. An applicant with a criminal history of felony, dishonesty, or fraud-related offenses.
4. Candidates whose parents (either father or mother) have failed to repay student loans or any other loan obtained.
5. Individuals with convictions related to drug offenses.
How students will access loans
Akintunde Sawyerr, the Executive Secretary of Nigeria Education Loan Fund (NELFUND), outlined the process for Nigerians to access the student loan.
He mentioned that the process will be fully automated, eliminating the need for human interaction, with funds directly transferred to the schools’ accounts for successful applicants.
Chief Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, communicated this message on Monday, January 22, 2024, through the Presidency X platform (previously known as Twitter) under the handle @NGRPresident.
“By design, this is a perpetual programme and will not terminate. The funds, earmarked for bonafide Nigerian students, will be disbursed directly to the institutions in the initial phase through electronic transfer. Our students will be catered to in a way that bypasses human interference through the full utilization of available technological platforms, in adherence to Your Excellency’s stated objectives.”
He made this statement following his Monday meeting with President Bola Tinubu at the State House.
In the meantime, Tinubu instructed NELFUND to broaden the student loan initiative to encompass students seeking skill development opportunities.
The President emphasized the significance of acquiring skills alongside traditional academic degrees, highlighting their equal importance.
“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas. This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation. In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education.”
Complete List: 5 Groups Prohibited from Tinubu Government’s Student Loan Program
