The remaining 40% will be distributed directly to the beneficiaries as an upkeep stipend.
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The Nigerian Education Loan Fund (NELFUND), the government body overseeing President Bola Tinubu's loan scheme, has received 328,000 applications and 417,000 registrations.
NELFUND Akintunde Sawyerr, Managing Director, announced to the media yesterday during the induction of members of the agency's Servicom unit in Abuja.
Sawyerr stated, "We have just approved a new batch of N110 billion, which would be distributed to students.
''We pay 100% of the fees, so around 60% of that goes directly to their universities. In terms of actual upkeep, 40% has been disbursed.
The upkeep figure needs to catch up to the total fee.
"We estimate that among the constituency that we're responsible for, people in government-owned tertiary institutions, which are defined as universities, polytechnics, and colleges of education, and the influx of students that will be arriving for the next session, our commitment to date is in the region of 2.1 million.
"We estimate that among the constituency that we're responsible for, people in government-owned tertiary institutions, which are defined as universities, polytechnics, and colleges of education, and the influx of students that will be arriving for the next session, our commitment to date is in the region of 2.1 million.
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"We have around 417,000 students registered on our platform. With the information we have, approximately 328,000 pupils have applied.
"Some of them have been processed, many have been reviewed, and the majority of them will receive the loan. However, it is crucial to note that we are receiving approximately 1,000 new applications per day. At its peak, we received 9,000 applications in one day.
"I should also emphasize that those who registered may decide not to apply or may want further information, but they are now in the system (portal). They are aware of their status in the system. That is why there is a discrepancy between 417,000 registrants and 328,000 applicants.
"Some of them have been processed, many have been reviewed, and the majority of them will receive the loan. However, it is crucial to note that we are receiving approximately 1,000 new applications per day. At its peak, we received 9,000 applications in one day.
"I should also emphasize that those who registered may decide not to apply or may want further information, but they are now in the system (portal). They are aware of their status in the system. That is why there is a discrepancy between 417,000 registrants and 328,000 applicants.
"The number of applicants often exceeds the number of registrants, indicating that individuals decide to apply after registering."
Sawyer stated that ''students who apply for this loan today get an interest-free loan.''
''They will repay exactly what they applied for, received, or benefited from. Intriguingly, they don't pay it back right away.
What occurs is that two years after completing National Youth Service, they are required to report to us on their work position," the NELFUND boss explained.
Sawyer stated that ''students who apply for this loan today get an interest-free loan.''
''They will repay exactly what they applied for, received, or benefited from. Intriguingly, they don't pay it back right away.
What occurs is that two years after completing National Youth Service, they are required to report to us on their work position," the NELFUND boss explained.
Nnenna Akajemeli, the National Coordinator of SEVICOM, stated that the SEVICOM unit would assist inductees in running government operations.
She explained that the inductees were tasked with reaching out to brilliant poor Nigerians who want to attend school but lack the financial resources to do so.
"They (inductees) are to manage this process and ensure that they bring about quality graduates," replied Akajemeli.
On November 25, Sawyerr informed the House of Representatives Committee on Student Loans and Higher Education Financing that NELFUND had issued N12 billion to students as loans.
He also stated that 120,000 students had received or were penciled in for stipends from the body.
She explained that the inductees were tasked with reaching out to brilliant poor Nigerians who want to attend school but lack the financial resources to do so.
"They (inductees) are to manage this process and ensure that they bring about quality graduates," replied Akajemeli.
On November 25, Sawyerr informed the House of Representatives Committee on Student Loans and Higher Education Financing that NELFUND had issued N12 billion to students as loans.
He also stated that 120,000 students had received or were penciled in for stipends from the body.
"We have approximately 120,000 people who have or are about to receive stipends."
Under the plan, NELFUND pays the successful applicant's fees directly to the institution of learning and provides the student with a monthly stipend of N20,000 to cover living expenses.