Student Loan: FG To Begin Pilot Scheme With Public Institutions

The Federal Government has said it would begin a pilot phase of the student loan scheme with applicants from public tertiary institutions.

Hours after President Bola Tinubu signed the revised Student Loan bill into law on Wednesday, Nasir Ayitogo, the spokesman for the Nigerian Education Loan Fund, announced this.

Ayitogo said in an interview with The Punch that the pilot program would start with students at polytechnics, colleges of education, and federal and state universities.

He also disclosed that the executive management team will have two executive directors, a managing director, and a chairperson appointed by President Tinubu.

Ayitogo noted that the President is expected to launch the scheme after appointing qualified persons into the offices provided by the provisions of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.

He said, “Right now, with the President’s assent to the new bill, it means there will be a new management. In contrast to the Executive Secretary that existed under the previous law, there will be a managing director. There will also be a pair of executive directors.

“So, we await the President to make these fresh appointments before we can begin anything. Before implementation, those appointments will have to be in place.

“The President will appoint a chairperson, as is necessary.”

Speaking further, Ayitogo said the new provision covers students in public and private institutions.

He said, “For the pilot scheme, it is just for public institutions.

“The target for this phase of the loan is students of federal and state universities, federal and state polytechnics, and federal and state colleges of education. Anyone who desires the loan will apply.

“When you need the loan, apply, and you will get it if you meet the requirements.”