President Bola Tinubu, on Wednesday at State House, Abuja, formally launched the Student Loan Scheme.
The launch marked the formal commencement of the programme’s implementation.
He said the student loan scheme aligns with his administration’s commitment to inclusiveness and assured sufficient funding to sustain the programme.
“Democracy is all about inclusiveness. Our target is to build a society on successful inclusiveness,” he said.
He added that education was the greatest weapon against poverty in any society, which he said was essential for vision, development, and successfully combating insecurity, including terrorism and banditry.
The President presented cheques to students from each of Nigeria’s six geo-political zones.
The Executive Secretary of Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyer, announced that N32 billion is currently available for disbursement to kick-start the programme.
He said that since the portal opened on May 25, 164,000 students have registered, with 103,000 applying for loans.
He said the initiative, which became law on April 3, 2024, as the Student Loans (Access to Higher Education) Act, aimed at empowering Nigerian youths by providing fair, transparent funding and removing financial barriers to educational opportunities.
“The effect of providing this opportunity for the neediest Nigerians, the people who probably will look after us, or whose decisions will impact on us in our old age, cannot be underestimated.
“And I’m sure you’ve all heard that fortune favours the brave and this courageous move will bring fortune not just to the President, but to the entire nation,” said Sawyer.
President of the National Association of Nigerian Students (NANS), Mr. Lucky Emonefe, said Nigerian students were happy that the student loan, which was once a dream had become reality.
“It was first a Bill, then and Act and today the President has launched and disbursed it. We are very proud of this. We as Nigerian students will call it a new dawn in the education sector.
“During the presidential disbursement today, you could see people applying; whatever background you belong to, you can assess the loan.
“It is so transparent, once you apply you will get it, irrespective of your status, your age and your class,” said Emonefe.
He noted that the loan, as the President said, is a tool to fight poverty. “And we can say that, yes, Nigerian students now have access to higher education.
“We are proud of this. And this is a good legacy and a good investment in the development of our dear nation.
“We are all excited, it is a new dawn in the education sector and we are very happy.”
The President had recently approved N35 billion for the scheme’s take-off, targeting 70,000 initial applicants.
The Governing Board of the Nigerian Education Loan Fund (NELFund), chaired by Jim Ovia, approved the disbursement of loans to successful applicants during its inaugural meeting in Abuja last month.
The student loan scheme, a flagship programme of the Tinubu administration, aims to provide financial support, including school fees and stipends, to eligible students nationwide.