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NELFUND Launches Pilot Phase Of Nigeria’s Student Loan Scheme - PorscheClassy Media
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NELFUND Launches Pilot Phase Of Nigeria’s Student Loan Scheme

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The pilot phase of Nigeria’s student loan scheme has gone live with federal tertiary institutions as beneficiaries.

Recall Nigeria’s President, Asiwaju Bola Ahmed Tinubu, enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.

The plan was supposed to go into effect in October 2023, however execution was continuously postponed until it was reenacted in April 2024.

May 24 is the day that NELFUND has set aside for the launch of the loan application and issuing portal.

Only federal tertiary institutions would be eligible for the scheme’s pilot phase, according to NELFUND during pre-application sensitization.

On May 24, the programme went online at 0:00, and the fund encouraged federal universities, polytechnics, and colleges students to apply.

Earlier, NELFUND confirmed that loans to state-owned institutions will be provided as part of the scheme’s second rollout, which will be notified when it is due.

In an FAQ published via its social media page, NEFUND said only students of public tertiary institutions are eligible to apply for the loan.

It said they must submit proof of admission capturing their name, birth date, JAMB number, matriculation number, and BVN.

The fund said all new and existing students within the institutions can enter for the loan, conditionally including direct entry candidates.

It said how much loan every student is allowed to apply for would be determined by the charges of their respective institution.

“The charges will be remitted directly to the institutions and the upkeep will be paid to the applicant on a monthly instalment,” it said.

“Applicants will receive a notification and the status of the loan application can be seen in the applicant’s profile on the portal.”

NELFUND said a beneficiary must begin repayment two years after their youth service as long as they have a job or are self-employed.

It said a beneficiary should notify NELFUND by court affidavit every three months after this due date if still unable to gain employment.

“Ten percent of a beneficiary’s salary will be deducted at source. Self-employed beneficiaries are to remit 10% of monthly profits,” it said.

“You are at liberty to seek to repay beyond the statutory 10% monthly repayment by your employers/by self if you are self-employed.

The fund said an applicant would be denied a loan if proven to have defaulted on any previous loan granted by any licensed financial institution if found guilty of submitting fake documents, and if dismissed for exam malpractices by any school authority.

It said they may be disqualified if convicted of fraud, forgery, drug offences, cultism, felony, and any offence involving dishonesty.

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BREAKING: President Tinubu Declares Security Emergency, Orders 20,000 New Police Recruits

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President Bola Ahmed Tinubu on Wednesday declared a nationwide security emergency, ordering the Nigerian Police and Armed Forces to recruit additional personnel to tackle rising insecurity across the country.

In a statement issued from the Statehouse, the president directed the police to recruit 20,000 new officers, bringing the total planned intake to 50,000.

He also authorised the use of National Youth Service Corps camps as temporary training facilities for the recruits.

 

More to come…

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BREAKING: Tinubu Nominates 3 Non-Career Ambassadors

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President Bola Tinubu has forwarded a list containing three nominees for appointment as non-career ambassadors.

The disclosure was made through a letter transmitted by the President to the Senate requesting their confirmation.

The nominees are Kayode Are, Aminu Dalhatu, and Ayodele Oke.

The announcement was made towards the end of Thursday’s plenary session by Senate President Godswill Akpabio.

 

More to come…

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FG May Seize Dana Air Assets To Refund Passengers, Travel Agents — Aviation Minister Keyamo

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Festus Keyamo, minister of aviation and aerospace development, has said the federal government may seize the assets of Dana Air to refund passengers and travel agents whose funds have remained trapped.

The minister made the disclosure on Tuesday in Abuja during the ministry’s fourth-quarter stakeholders’ engagement themed “leveraging public feedback to drive excellence in aviation services”.
Keyamo stated that he would also instruct the Nigeria Civil Aviation Authority (NCAA) to investigate the delay in processing the outstanding refunds.

He explained that the suspension of Dana Air’s operations was implemented to prevent a potential tragedy, stressing that safety was prioritised over commercial considerations.

Keyamo said the administration received “damning reports” on Dana Air’s safety record and operational standards during its review of the airline.

He added that although the NCAA decided to ground the airline, he urged the regulator to prioritise passenger safety based on the findings presented.
According to him, “for Dana, the problem is that it was a choice between safety and disaster.”

“So we didn’t take the commercial thing as a priority. The priority was safety and we all looked at the damning reports that we met on the table,” he said.

“It was a decision of the NCAA to suspend them, but I pushed them to say, look, these are the reports we are seeing on the table about safety record, about lack of standards that put the lives of Nigerians at risk.

“If they continue flying, I don’t know whether most of us will be here. Many of us would have been victims of one of those flights. God forbid.”

Keyamo said he has directed Chris Najomo, acting director-general of the NCAA, to determine how passengers and ticket agents can receive refunds.

The minister added that he has “asked Najomo to dig deep to find out how those passengers and agents will be refunded. He has to dig deep on that”.

“One solution will also be that if that same individual or those entities are trying to come back to aviation under any guise, whether to go and register a new AOC or use any business within the aviation sector, they have to go and settle their debts first,” he said.

“We should look at their assets. There are assets that are still available. Let them sell their assets.
“Let’s cannibalise their revenue and pay people. Let’s find a way to go after their assets and get money to pay Nigerians who are owed.

“NCAA should do that because they can’t get away with it.”

On April 24, 2024, Keyamo directed the NCAA to suspend the operations of Dana Air following an incident at Lagos airport a day earlier in which one of the airline’s aircraft veered off the runway.

Two days later, the minister said internal reports conducted two years before the incident showed that Dana Air was unfit to fly, adding that the frequency of incidents involving the airline prompted the suspension.

Keyamo also announced that President Bola Tinubu has approved special funding for the Nigerian Airspace Management Agency (NAMA) to acquire equipment.

He explained that the new financing arrangement removes NAMA’s equipment procurement from the annual budget process.

Also, Ahmed Farouk, director-general of NAMA, said the agency now has a fully functional flight calibration unit for validating instrument approach procedures.

Farouk, represented by John Tayo, director of air traffic services, said NAMA has also signed agreements with Sierra Leone and Liberia to support calibration services in line with ICAO standards.
He added that night operations have been approved until 10pm at airports in Owerri, Enugu, Yola and Ilorin.

Farouk said the approvals follow stakeholder requests to extend operating hours beyond Lagos and Abuja.
He also stated that ad-hoc approval has been granted to Air Peace for flights to Anambra and Asaba.

“We are always available to grant extension because of our capacity. For now, we will not be able to operate all the airports in the country till 10pm,” he said.

The director-general added that, following Keyamo’s directive, operations remain open until 10pm at the listed airports.

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