Students of private institutions would not access loans from the newly accented Nigerian Education Loan Fund, immediately, as the federal government has stated it will first commence with public institutions on a pilot scheme
FG stated on Wednesday, that the fund would begin a pilot phase of the student loan scheme with applicants from public tertiary institutions.
This includes students of federal and state universities, polytechnics and colleges of education.
This is even as it expects President Bola Tinubu to appoint a chairperson, a Managing Director and two Executive Directors as part of its executive management team to take off
The spokesperson for the Fund, Mr Nasir Ayitogo, told correspondents on Wednesday, also disclosed that the President would be expected to launch the scheme after appointing qualified persons into the offices provided by the new law.
The executive bill was titled “A Bill for an Act to Repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a Body Corporate to Receive, Manage and Invest Funds to Provide Loans to Nigerians for Higher Education, Vocational Training and Skills Acquisition and for Related matters.”
The bill which was signed into law on Wednesday by the present id meant to provide fund for educational assistance to Nigerian students in higher institutions as well as those seeking skill and vocational trainings
The newly-signed Act allows for the appointment of a Chairperson of the fund, a Managing Director and two Executive Directors of Finance and Operations each to “assist the Managing Director in performing his duties.”
According to the Act, the appointees “shall hold office for five years,”
“Right now, with the President’s assent to the new bill, it means there will be a new management. There will be a managing director, as against what we had in the previous law, an Executive Secretary. And there will be two executive directors too.
“So, we await the President to make these fresh appointments before we can begin anything. Before the implementation, those appointments will have to be in place.
“There must be a Chairperson who will be appointed by the President
“For the pilot scheme, it is just for public institutions.
“The target for this phase of the loan are students of federal and state universities, federal and state polytechnics and federal and state colleges of education. Whoever desires the loan will apply.
“When you need the loan, apply and you will get it if you meet the requirements,” the spokesperson assured
