Nigeria launches automated student loan scheme

Tamarauemi Ebimini

The Nigerian Government has launched a student loan programme aimed at easing the financial burden of Nigerians pursuing tertiary education.

The government announced that the Education Tax, administered by the Federal Inland Revenue Service, will contribute to funding this newly established Student Loan Scheme.

It also stated that the scheme is designed to alleviate the financial burden faced by students pursuing tertiary education, including universities.

“One of the central pillars of President Bola Tinubu’s Renewed Hope Agenda is the implementation a students loan programme, aimed at alleviating the financial burden of Nigerian students particularly practically from the higher education until University,” the National Orientation Agency (NOA) said in a statement.

The scheme, according to the NOA, is slated to be fully automated, ensuring a streamlined process with no human intervention in loan application and processing.

It noted that prospective applicants can access a dedicated online portal or mobile application to submit their applications.

During this process, they will be required to provide essential details, including their JAMB registration number, date of birth, National Identification Number (NIN), and Biometric Verification Number (BVN).

Following loan approval, the allocated funds will be directly transferred to the educational institution, offering administrative benefits to the institutions involved.

“On February 22, 2023, a test run of the Student Loan app was conducted, preceding its official launch.”