News

Student Loan: FG Finalises Repayment Plans Ahead Feb 21 Launch

Published

2 years ago

February 11, 2024

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.”
PUNCH

News

Edo Dep. Gov. Idahosa Inducted, Bestowed With Rotary Premium Award

Published

7 hours ago

November 15, 2025

Editor

The Edo State deputy governor, Hon. Dennis Idahosa, has been bestowed with the Rotary Premium Award by the Benin Metropolitan Rotary Club, District 9141 in recognition of his humanitarian disposition.

In a statement by his Chief Press Secretary, Mr Friday Aghedo, the deputy governor was accorded this recognition when the humanitarian organization visited his office to induct him into the club

Idahosa expressed appreciation for the recognition and promised to continue to contribute his best for the betterment of the society and humanity.

“When I was growing up, my prayer to God, was Bless me so that I will be a blessing to the world,” he stated.

REAS ALSO:Okpebholo, Idahosa Bag UNIBEN Distinguished Service, Leadership Awards

He noted that the recognition was in no doubt, a call for higher responsibilities.

Rotary President, Hon. Elizabeth Ativie who gave reasons for the award and investiture, maintained that the induction was based on Idahosa’s humanitarian disposition which is in line with Rotary Club’s doctrine of service above self, humanitarian and community.

“This is a reflection of where your heart is,” she told Idahosa.

The Assistant District Governor of the Club, (AG) Samson Olayiwola of Zone 20, D 9141, later decorated Idahosa with the “Rotarian pin,” the recognized logo of the Rotary Club worldwide.

This was in addition to the presentation of a certificate of membership and embroidered with a sash that uniquely identifies Idahosa as a member of the “RC Benin Metropolitan District.”

News

Doctors’ Strike Continues As NARD Demands Fair Deal, Better Pay

Published

8 hours ago

November 15, 2025

Editor

The Nigerian Association of Resident Doctors (NARD) has called on the Federal Government to immediately conclude a long-delayed Collective Bargaining Agreement (CBA), as their indefinite strike entered its 15th day on Saturday.

It also demanded a review of the outdated Consolidated Medical Salary Structure (CONMESS).

In a statement posted on X on Saturday, the union said: “Dear Nigerians, Doctors Deserve a Fair Deal! For long we’ve waited for a Collective Bargaining Agreement (CBA), a simple, written promise that ensures fairness, clear work terms, and proper pay. But the government keeps delaying, while doctors face rising costs and crumbling morale.

“We demand the immediate conclusion of the CBA and review of the outdated CONMESS salary structure.”

The strike, which began earlier this month, has affected 91 hospitals nationwide, including federal teaching hospitals, specialist institutions, and federal medical centres, disrupting medical services across the country.

NARD said the union’s 19-point demand list is reasonable and necessary for the welfare of doctors and patients.

The list includes the payment of arrears under the CONMESS salary structure, disbursement of the 2025 Medical Residency Training Fund, prompt payment of specialist allowances, recognition of postgraduate qualifications, and improved working conditions.

The union stressed that these measures are essential to sustain doctors and maintain a functional healthcare system.

President Bola Tinubu has also directed the Ministry of Health to immediately resolve the strike, noting that the government is addressing the doctors’ demands.

Despite the directive, NARD said delays in finalising the CBA and reviewing salaries have continued to demoralise doctors, many of whom face rising living costs while providing critical medical services.

News

VIDEO: Fayose Speaks About Own Death, Burial

Published

9 hours ago

November 15, 2025

Editor

Former Ekiti State Governor, Ayodele Fayose, has said his body should be buried within four weeks of his death. Fayose also laid out detailed instructions for his burial, including that nobody should visit after he is buried.

He said his body and the burial arrangement should be handled by the Ekiti State Government.

In a six-minute video shared on YouTube by City Edge TV on Saturday, Fayose, who turns 65 today, said: “Remember me for anything. And when I die, let me say this. Death is inevitable. My body belongs to the Ekiti state government… I’m delivering a letter to the governor.”

Fayose added that regardless of when his death occurs, the state government should take charge of his remains.

REAS ALSO:JUST IN: PDP Axes Wike, Fayose, Anyanwu, Others For Anti-party Activities

“Let us say in another 20, 30 years, 15 years, whatever time, for the glory of God. The Ekiti state government takes over my body, and I must be buried within four weeks. Because the state might not be ready within two, three days, we allow them four weeks.”

Fayose added that his children should wear their own clothes and follow the directives of the government at the time of his death.

About his final resting place, he said: “My grandmother’s home, the mother of my father, I’ve made the garden there. I should be laid to rest there. After my departure, nobody must come there again. Allow me to go. If you want to show me love, if you want to take care of me, do so now.”

The channel also shared a 20-minute video showing popular juju musician King Sunny Ade serenading the former governor on stage while he danced at his birthday thanksgiving reception.

Celebrated by several political figures. Minister of the Federal Capital Territory Nyesom Wike described Fayose as “a valuable friend and brother, who will never pretend about where he stands on issues,” adding: “Ayodele, my younger brother, may you reach the age of your elder brother in good health, and may God continue to make your days on earth fruitful, with immeasurable blessings.”

Ekiti State Governor, Biodun Oyebanji, also congratulated Fayose in a statement issued by his Chief Press Secretary, Yinka Oyebode, praising his “remarkable contributions” to the state and describing him as: “A leader who loves and connects well with the people, a respected grassroots politician and mobiliser, and a statesman who will never shy away from bearing his mind in his determination to see a more prosperous state and country.”

Watch the video here