Student Loan: FG gives fresh update for state universities

The second phase of the Nigerian government’s student loan programme, which is aimed at state universities, will not start as scheduled.

The Nigerian Education Loan Fund, or NELFUND, spokesperson Nasir Ayitogo, revealed this in a statement on Tuesday.

NELFUND had previously scheduled the start of the second phase for June 25, 2024. Nonetheless, the Scheme’s management has declared a two-week delay.

Several state-owned schools could not submit the necessary student data and fee information to the NELFUND Student Verification System (SVS), according to NELFUND, which is why the postponement was necessary.

Only a small percentage of state-owned institutions have finished the data submission process since it began, claims AyitogAAo.

“The Management of Nigerian Education Loan Fund (NELFUND) hereby announces a 14-day postponement of the application process for student loans for state institutions due to low data submissions”, the statement partly reads.

Recall that the NELFUND opened a registration portal for federal universities to sign up for the program on May 24.

In order to give impoverished students access to interest facilities, President Bola Tinubu signed the updated Student Loan Act in April 2024.

The 2024 national budget included N60 billion of the government’s budget for the programme.

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