The Federal Government has announced its commitment to developing an app for student loan applications, aiming for a streamlined process. Executive Secretary Akintunde Sawyer of the Student Loan Scheme Board revealed this after a meeting with President Bola Tinubu in Abuja on Monday.
Sawyer emphasized that the app aims to eliminate human intervention, enhancing efficiency in the student loan scheme scheduled to kick off this year.
“By design, this is a perpetual programme and will not terminate. The funds, earmarked for bonafide Nigerian students, will be disbursed directly to the institutions in the initial phase through electronic transfer. Our students will be catered to in a way that bypasses human interference through the full utilisation of available technological platforms, in adherence to Your Excellency’s stated objectives,” the statement quoted him as saying.
He said NELFUND has developed a robust risk-mitigation mechanism to address potential risks that may arise from the programme.
The move aligns with Tinubu’s earlier declaration that the scheme would commence in January 2024.
During the National Economic Summit 2023 in Abuja, President Tinubu assured students, stating, “By January 2024, the new student loan must commence. To the future of our children and students, we are saying no more strikes,” signaling a commitment to addressing educational challenges.
The student loan bill, signed by President Tinubu on Nigeria’s Democracy Day, was initially proposed by Speaker Femi Gbajabiamila.
The bill, now part of Chief of Staff Gbajabiamila’s achievements, facilitates access to interest-free loans from the Nigerian Education Loan Fund, domiciled in the Ministry of Education, exclusively for indigent students in tertiary institutions.
