President Bola Tinubu has approved N35 billion for the withdrawal of the student loan scheme.
The Nigerian Education Loan Fund (NELFUND) has already approved 70, 000 applications.
Another 50,000 applications are being reviewed and will be granted within 30 days.
The Nation acquired the figures solely from sources at NELFUND.
According to Akintunde Sawyerr, Managing Director/Chief Executive Officer of NELFUND, the funds will be released in accordance with each institution’s academic session timeline and calendar.
He said: “The funds will be disbursed based on the timetable and calendars of the academic session of each institution. The portal for students to apply for the loan opened on May 24, 2024.
“The portal will be permanently open because institutions don’t have a uniform calendar,” Sawyerr added.
No fewer than 1.2 million students are expected to benefit from the cardinal programme of the Tinubu administration.
Applicants are required to provide their Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), and Bank Verification Number (BVN).
Students in Federal Government-owned tertiary institutions will be the first batch of beneficiaries of the loan scheme.
Those from state-owned tertiary institutions will benefit from the scheme too.
The agency said it would start receiving applications from students in state-owned tertiary institutions from June 25, 2024.
The loan, which is an equivalent of the tuition fees of the benefitting students, would be paid directly to their institutions.
But stipends would be paid directly to beneficiaries on a monthly basis to assist them buy other things that can make them comfortable while pursuing their education.
The agency is working with 126 tertiary institutions on the scheme.
The source said: “President Bola Tinubu has graciously approved N35bn for the student loan scheme. The funds are awaiting disbursement.
“About 70, 000 applications have been approved by NELFUND management. 50, 000 applications are currently being evaluated. These applications will be approved within 30 days.
“We receive an average of 1,500 applications a day.
“Mr President has provided enough funds to accommodate every Nigerian student who desires the loan.”
President Tinubu on April 3 signed into law the bill on the scheme in line with his electoral promise that no Nigerian student would drop out of school on account of lack of funds.
According to the law, repayment will commence two years after the completion of the National Youth Service Corps (NYSC) programme.
The ambitious cardinal programme will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).