Thursday, 18 April 2024 04:49

FG says students in private institutions, prison inmates won’t benefit from students loan

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The management of the Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Akintunde Sawyerr, has shed light on why students from private institutions and incarcerated individuals are excluded from the upcoming student loan fund launch. Addressing journalists at UNILAG, Sawyerr emphasized the fund's focus on aiding "indigent" students.

He clarified that private institution attendees aren't deemed financially disadvantaged and stressed the fund's aim at redistributing wealth to deserving candidates, monitored via mechanisms like BVN verification.

Regarding inmates pursuing education, Sawyerr cited challenges in loan recovery from individuals serving lengthy sentences.

Executing a transparent selection process, NELFUND plans to disburse funds directly to institutions and students, considering factors like tuition and geography.

Sawyerr disclosed plans to analyze applicant data and outlined requirements, anticipating loan disbursement from one percent of the gross revenue of Federal Inland Revenue Service’s revenue.

The student loan initiative stems from the Access to Higher Education Act, 2023, entrusting NELFUND with loan administration and recovery.

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