President Bola Tinubu is set to launch the long-awaited student loan scheme on Wednesday, July 17, at the State House in Abuja.
This will effectively mark the start of the implementation of the scheme.
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The scheme will initially benefit 70,000 students with a total sum of N35 billion already approved by the president.
The Nigerian Education Loan Fund (NELFund) Governing Board, led by Chairman Mr. Jim Ovia, gave the green light for loan disbursement to successful applicants during its inaugural meeting in Abuja last month.
“By approving the immediate disbursement of the loans, (NELFund) has taken a critical step in fulfilling its mission to support education and empower the next generation of leaders,” a statement by the agency said.
The student loan scheme, a flagship program of the Tinubu administration, aims to provide financial support to eligible students across the country, covering school fees and stipends.
Over 1.2 million students are expected to benefit from the first phase of the program.