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Student Loan: FG Finalises Repayment Plans Ahead Feb 21 Launch
Ahead of the official launch of the Student Loan Scheme on February 21, 2024, the Nigeria Education Loan Fund said it is finalising repayment modalities.
Although it confirmed that the 10 per cent direct deduction from the beneficiaries’ salaries still stands, applicants can pay higher percentages or 100 per cent upfront if they choose.
However, persons confirmed to be dead, terminally ill, and incapable of earning a living through work will be granted waivers, a source close to the board’s activities told The PUNCH.
“First and foremost, the modality for loan recovery will be done by the employers, which is what we are putting in place at the moment. The loan is N500,000 per year. So, in four years of schooling, that adds up to N2m. And it is interest-free, which means you are not paying more.
“You will pay the baseline 10 per cent. But if you so wish, you can ask your employer to increase your recuperation rate.
“If you don’t want to be encumbered by any debt, you can give a standing order that you want your employer to take away 15 or 20 per cent of your salary every month, or you can choose to clear it up all at once. If you do your business and you can make enough money, you can clear it up,” the source disclosed.
Asked if the rates would be prorated according to the remuneration package of beneficiaries, the source replied, “Everyone will pay a flat rate.”
On Wednesday, February 7, the Executive Secretary of NELFund, Dr Akintunde Sawyerr, confirmed to our correspondent that the much-awaited scheme would go live on February 21, when President Bola Tinubu launches it at the State House, Abuja.
“Yes, it is confirmed. It is confirmed. It will be launched on February 21,” Sawyerr confirmed to our correspondent exclusively.
On June 12, 2023, President Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.
The move was in “fulfillment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.
The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.
The source further explained that beneficiaries will get a two-year “grace period” after completing the one-year National Youth Service.
“The moment they (beneficiaries) finish NYSC, they have two years of grace, almost like a moratorium, after which they will commence repayment.
“So, the idea is we are hoping a lot of them will get jobs. And those who don’t get jobs will run their businesses. That is why, in the beginning, when you apply for a loan, you must submit your National Identity Number and Bank Verification Number.
“If you are in private business, you will tell the loan board how you want to repay, either in the 10 per cent model or any other percentage you want,” the source added.
However, beneficiaries who cannot find employment within two years will periodically report their employment status to the board.
Speaking exclusively to our correspondent, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, explained the delay, saying, “Don’t forget, the last time they met the President, he asked them to expand their mandate to include those who want to learn vocational skills. That could be the reason why the whole thing was delayed because they had to increase the scope.”
Meanwhile, the President of the National Association of Nigerian Students, Lucky Emonefe, has expressed concern over their (NANS) non-involvement in the implementation of the loan disbursement.
In an interview with one of our correspondents, Emonefe said, “On the student loan, we have some worries. Fine, the president has good intentions but I don’t think those given the responsibility to do it are serious.
“In the first place, when they wanted to sign these student loans, we recalled that NANS was invited by Mr President but as I speak now, they want to kick-start it but we have not been informed. We have not seen the guidelines on how students can access it.
“If they include private schools, while the students at UNIBEN pay N120,000 and those at Idahosa University pay N1m, it may lead to a situation where UNIBEN will increase their school fees. So, this is our worry.”
Student Loan: FG Finalises Repayment Plans Ahead Feb 21 Launch
Ahead of the official launch of the Student Loan Scheme on February 21, 2024, the Nigeria Education Loan Fund said it is finalising repayment modalities.
Although it confirmed that the 10 per cent direct deduction from the beneficiaries’ salaries still stands, applicants can pay higher percentages or 100 per cent upfront if they choose.
However, persons confirmed to be dead, terminally ill, and incapable of earning a living through work will be granted waivers, a source close to the board’s activities told The PUNCH.
“First and foremost, the modality for loan recovery will be done by the employers, which is what we are putting in place at the moment. The loan is N500,000 per year. So, in four years of schooling, that adds up to N2m. And it is interest-free, which means you are not paying more.
“You will pay the baseline 10 per cent. But if you so wish, you can ask your employer to increase your recuperation rate.
“If you don’t want to be encumbered by any debt, you can give a standing order that you want your employer to take away 15 or 20 per cent of your salary every month, or you can choose to clear it up all at once. If you do your business and you can make enough money, you can clear it up,” the source disclosed.
Asked if the rates would be prorated according to the remuneration package of beneficiaries, the source replied, “Everyone will pay a flat rate.”
On Wednesday, February 7, the Executive Secretary of NELFund, Dr Akintunde Sawyerr, confirmed to our correspondent that the much-awaited scheme would go live on February 21, when President Bola Tinubu launches it at the State House, Abuja.
“Yes, it is confirmed. It is confirmed. It will be launched on February 21,” Sawyerr confirmed to our correspondent exclusively.
On June 12, 2023, President Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.
The move was in “fulfillment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.
The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.
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The source further explained that beneficiaries will get a two-year “grace period” after completing the one-year National Youth Service.
“The moment they (beneficiaries) finish NYSC, they have two years of grace, almost like a moratorium, after which they will commence repayment.
“So, the idea is we are hoping a lot of them will get jobs. And those who don’t get jobs will run their businesses. That is why, in the beginning, when you apply for a loan, you must submit your National Identity Number and Bank Verification Number.
“If you are in private business, you will tell the loan board how you want to repay, either in the 10 per cent model or any other percentage you want,” the source added.
However, beneficiaries who cannot find employment within two years will periodically report their employment status to the board.
Speaking exclusively to our correspondent, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, explained the delay, saying, “Don’t forget, the last time they met the President, he asked them to expand their mandate to include those who want to learn vocational skills. That could be the reason why the whole thing was delayed because they had to increase the scope.”
Meanwhile, the President of the National Association of Nigerian Students, Lucky Emonefe, has expressed concern over their (NANS) non-involvement in the implementation of the loan disbursement.
In an interview with one of our correspondents, Emonefe said, “On the student loan, we have some worries. Fine, the president has good intentions but I don’t think those given the responsibility to do it are serious.
“In the first place, when they wanted to sign these student loans, we recalled that NANS was invited by Mr President but as I speak now, they want to kick-start it but we have not been informed. We have not seen the guidelines on how students can access it.
“If they include private schools, while the students at UNIBEN pay N120,000 and those at Idahosa University pay N1m, it may lead to a situation where UNIBEN will increase their school fees. So, this is our worry.”
The Nigerian Air Force (NAF) says it will sustain salary payments for up to 12 months to families of personnel who die in the line of duty.
The Chief of the Air Staff, Air Marshal Sunday Aneke, approved the welfare initiative as part of measures to strengthen support for families of fallen personnel.
A credible NAF source who pleaded anonymity disclosed this to the News Agency of Nigeria (NAN), on Sunday in Abuja.
He said the policy, which provided a special extension of salary payments to the spouses or next of kin of NAF personnel killed in action, would help cushion the impact of their loss.
He explained that, in line with existing public service rules, salary payments normally cease upon the death of a personnel member.
According to him, the new initiative will see salaries of personnel killed in the line of duty continue for up to 12 months from the date of death, or until all death benefits are fully processed and paid, whichever comes first.
The official said the initiative was designed to prevent financial hardship for bereaved families during the period of administrative processing of death benefits.
He added that the CAS had also approved additional welfare packages for officers, airmen and airwomen of the service.
“These measures are aimed at cushioning the prevailing economic pressures and reinforcing the NAF’s commitment to the wellbeing of its personnel.
“These initiatives are also part of a broader welfare reform agenda anchored on the understanding that the wellbeing of personnel and their families is a strategic enabler of combat effectiveness.
“Enhanced welfare drives effective warfare, ensuring that no airman is left unequipped, untrained or unmotivated,” he said.
The source further said that the initiatives reaffirmed the NAF’s resolve to honour the sacrifices of fallen heroes, support the families they left behind and sustain a motivated and mission-ready force.
PRESIDENT Bola Tinubu has directed the Renewed Hope Ambassadors to distribute rice across all states of the federation in support of citizens observing the ongoing Ramadan and Lenten seasons.
The initiative is intended to strengthen national unity and demonstrate compassion during a period that holds deep spiritual significance for both Muslims and Christians.
A statement issued by the Director-General, Renewed Hope Ambassadors and governor of Imo State, Senator Hope Uzodimma explained that “under the directive, the Renewed Hope Ambassadors will coordinate the distribution through their nationwide grassroots network to ensure that families across Nigeria benefit from the intervention during this holy season when both Muslims and Christians are fasting.”
According to the statement: “It is worth noting that a similar intervention was carried out during the last Christmas season, when rice was also distributed to support Nigerians celebrating the festive period.
“This continued effort reflects the administration’s consistent commitment to standing with citizens during important religious and cultural seasons.
“Both Christian and Muslim communities will receive rice as part of the nationwide distribution effort, reflecting the President’s commitment to inclusivity, solidarity, and shared national values.”
Commenting on the initiative, Governor Uzodimma said the programme underscored the President’s belief in supporting citizens during this period of fasting while strengthening interfaith harmony.
He said: “This initiative reflects President Tinubu’s commitment to unity and compassion. Ramadan and Lent are seasons that remind us of sacrifice, charity, and care for one another. Through this distribution, the Renewed Hope Ambassadors will ensure that families across Nigeria feel the spirit of togetherness during this sacred period.”
The statement concluded by saying that the distribution will be carried out across nationwide through the state, local government, and ward structures of the Renewed Hope Ambassadors to ensure broad reach and transparency.
The Police Command in Osun says it has arrested two officers of the Nigeria Customs Service(NCS) in connection with a shooting incident that left a driver dead in Osogbo.
This was contained in a statement issued by the command’s spokesperson, DSP Abiodun Ojelabi, on Sunday.
Ojelabi explained that the two officers of the NCS were arrested in connection with a shooting incident that occurred at Dada Estate Area, Osogbo, on Sunday.
“The suspects were reportedly chasing suspected tokunbo (foreign-used) vehicles when the incident occurred.
“Meanwhile, the driver of the said ash-coloured Toyota Corolla, one of the vehicles being chased by the Customs officers, was shot and confirmed dead by a medical doctor at the Osun State University Teaching Hospital,” he said.
The command’s spokesperson said that the corpse of the yet-to-be-identified victim had been deposited in a morgue.
Ojelabi said several items were recovered from the scene, including a Beretta pistol with breech number 125024, 11 rounds of 9mm live ammunition and one expanded 9mm shell.
Other items recovered were a white Toyota Corolla with Lagos registration number AAA 400 GQ, and an ash Toyota Corolla with registration number GFQ 0982.
He said that the Commissioner of Police, Ibrahim Gotan, had ordered a thorough investigation to ascertain the circumstances surrounding the incident.
He assured members of the public that anyone found culpable would face the full wrath of the law.
He urged residents to remain calm and continue to cooperate with security agencies by providing credible information that can aid the investigation.
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