The Federal Government has announced the commencement of a pilot phase for the student loan scheme, initially targeting applicants from public tertiary institutions.
Nasir Ayitogo, the spokesperson for the Nigerian Education Loan Fund, disclosed this on Wednesday, shortly after President Bola Tinubu signed the amended Student Loan Bill into law.
In a conversation with The Punch, Ayitogo revealed that the pilot scheme would initially cater to students from federal and state universities, polytechnics, and colleges of education.
Furthermore, he mentioned that President Tinubu is set to appoint a chairperson, a managing director, and two executive directors to the executive management team of the scheme.
Ayitogo emphasised that the launch of the scheme awaits the President’s appointment of qualified individuals to the roles specified by the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.
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He stated, “With the President’s assent to the new bill, there will be a shift in management. The structure will transition from having an Executive Secretary to a managing director, alongside two executive directors.
“Therefore, we are awaiting the President’s appointments to these positions before proceeding. These appointments are essential for the implementation of the scheme.
The chairperson will also be appointed by the President.”
Expanding on the scope of the scheme, Ayitogo noted that while the pilot phase is exclusive to public institutions, the provision eventually encompasses students in both public and private institutions.
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“For the pilot phase, the focus is solely on public institutions. The initial targets are students from federal and state universities, polytechnics, and colleges of education. Eligible students interested in the loan must apply and will receive it upon meeting the stipulated requirements,” he explained.
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