Connect with us


FG ready to launch Education Loan Fund – Sawyerr



The Federal Government says it is ready to launch the Nigerian Education Loans Fund for students in tertiary institutions.

The Executive Secretary of Student Loan Board, Dr Akintunde Sawyerr, disclosed this to State House correspondents on Monday in Abuja.

He said that the scheme was to eliminate the challenges faced by Nigerian youths in accessing tertiary education due to lack of funding by their parents or guardians.

According to him, the loan is a statute backed financial support provided to students for their education in both the private and government institutions, allocated for long term and short term purposes.

He said the Student Loan Act seeks to provide access to interest-free loans to Nigerian students in tertiary institutions and it as well, establishes an Education Loan Fund to help Nigerians fund their higher education.

Sawyerr said that the loan would not only be applicable to students going to formal educational institutions but also to those going into technical, teaching and vocational schools.

For accessibility and accountability, Sawyerr said the application procedure would be devoid of human interference.

“In applying for this loan, there is zero human intervention.

“In other words, there is an app, through which applicants will log into a portal to input certain pieces of information to ascertain their eligibility,’’ he said.

Similarly, Mr Zaccheus Adedeji, Chairman of the Federal Inland Revenue Service, said that the scheme would be funded with the Education Tax under the Service.

The loans, he said, would allow more youths to enjoy quality education in line with the campaign promises of President Bola Tinubu.

Our correspondent reports the Students Loan Act is Tinubu’s second piece of legislation signed into law within two weeks of his assumption of office in May 2023.

Ismail Abdulaziz

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.



Shell Digital Plan RESPONSIVE600x750
Shell Digital Plan RESPONSIVE600x750