President Bola Ahmed Tinubu’s recent signing of the amended student loan bill has sparked numerous inquiries from the Nigerian populace.
The bill, which received approval from both the House of Representatives and the Nigerian Senate, has now been clarified by the Special Assistant to President Tinubu on Social Media and National Convener of the PBAT Media Centre, Olusegun Dada.
In a video released via his Twitter handle @DOlusegun on Wednesday, April 3, Dada addressed several frequently asked questions regarding the scheme.
The PBAT Media Centre shed light on the scheme, defining it as a legislative measure aimed at facilitating accessible funding for financially disadvantaged Nigerian students. Its primary goal is to alleviate the financial burden associated with tuition fees, thereby ensuring equitable access to education for all eligible individuals.
Target Recipients and Application Process
The scheme caters specifically to indigent Nigerian students enrolled in higher education institutions, including universities, polytechnics, colleges of education, and vocational institutes.
Notably, the application process has been streamlined through full automation, eliminating the need for human intervention. Applicants can independently submit their requests without third-party assistance.
Key Application Requirements
Applicants are required to furnish the following details:
1. – Joint Admissions and Matriculation Board (JAMB) registration number
2. – National Identification Number (NIN)
3. – Bank Verification Number (BVN)
4. – Matriculation number or school registration number
5. Loan Repayment Mechanism
Repayment of the loan is structured as follows:
1. – For employed individuals, 10% of their monthly salary will be deducted at the source.
2. – Self-employed borrowers are expected to remit 10% of their monthly profits.
Commencement of Loan Repayment
Repayment obligations commence two years after the completion of the mandatory National Youth Service Corps (NYSC) program for tertiary institution graduates.
It is imperative to note that the student loan scheme is not a gratuitous offering but rather a repayable initiative sanctioned by the federal government of Nigeria.
President Tinubu’s team, through the PBAT Media Centre, aims to provide comprehensive insights into the newly enacted student loan program, addressing concerns and fostering transparency regarding its implementation and execution.
