The Nigerian Education Loan Fund (NELFUND) says that the Unified Tertiary Matriculation Examination registration number, National Identification Number, and Bank Verification Number are major requirements for accessing student loans.

NELFUND managing director Akintunde Sawyerr announced this during an interactive session with the Education Writers Association of Nigeria (EWAN) members in Lagos.

He said, “About 1.2 million Nigerian students in tertiary institutions and government-recognised skill acquisition centres will be among the first batch of beneficiaries.”

According to him, the loan scheme will be funded with one per cent of the revenue generated by the Federal Inland Revenue Service annually.

Mr Sawyerr said the requirement for accessing the loan was to confirm eligibility. He said the loan scheme management would verify applications and attach requirements to ascertain eligibility.

He said that disbursement would be in two segments.

“The school fee will be paid to the institution on behalf of the student and the stipend directly to student’s account,” he said.

According to the managing director, financially independent undergraduates who need a loan for their education are free to apply on a specially designed website and must provide their matriculation details.

He said the beneficiaries would be expected to start servicing the loans when securing jobs or setting up businesses. 

(NAN)