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

PHOTOS: Brazil Welcomes Tinubu With Full Military Honours In Brasília

Published

2 hours ago

August 25, 2025

Editor

Brazil on Monday rolled out full military honours at the Planalto Palace in Brasília to receive President Bola Tinubu.

Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this on X on Monday.

Onanuga said Tinubu was welcomed by his host, President Luiz Inácio Lula da Silva.

He wrote, “More photos of the official reception for President Tinubu at the Planalto Palace in Brasília, Monday, August 25, 2025. Brazil’s President Luiz Inácio Lula da Silva welcomed President Bola Tinubu with full military honours.”

News

Tinubu Signs Direct Flight, Other Agreements With Brazil

Published

3 hours ago

August 25, 2025

Editor

President Bola Ahmed Tinubu has signed a landmark Bilateral Air Service Agreement with Brazil, signalling the establishment of direct air links between Nigeria and South America’s largest economy.

The agreement was formalised on Monday during Tinubu’s official state visit to Brasília.

Media aide to the minister, Tunde Moshood, made this known through a statement, made available to The PUNCH.

At the signing ceremony which was witnessed by Messrs Nigerian President, Tinubu and the Brazilian President Luiz Inácio Lula da Silva in Brasilia also had the Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, signed the agreement on behalf of Nigeria, while Brazil’s Minister of Transport, Silvio Costa Filho, also signed for the host country.

The BASA creates a new framework for direct flights between Nigeria and Brazil, with the potential to significantly enhance trade, tourism, investment, and diplomatic relations.

The statement further noted that, “ It also marks a key step in Nigeria’s broader efforts to strengthen international partnerships and improve global connectivity.”

Tinubu had arrived in Brazil with a delegation that included Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of State for Foreign Affairs, Bianca Ojukwu; Minister of Agriculture and Food Security, Abubakar Kyari; and other senior government officials.

According to the statement, the Brazilian President welcomed the agreement, expressing his administration’s commitment to expanding cooperation with Nigeria in sectors such as aviation, agriculture, and infrastructure.

He described the BASA as a reflection of the strong ties between both countries and an opportunity to deepen economic and cultural collaboration.

Tinubu is also scheduled to hold meetings with key Brazilian government officials, including the President of the Senate, the President of the Chamber of Deputies, and the President of the Supreme Federal Court.

The two-day visit will include high-level discussions between Nigerian and Brazilian delegations across various sectors, as both nations explore opportunities for mutual growth and development.

The statement reads, “The ongoing state visit will also see President Tinubu meeting the President of the Brazilian Senate at the National Congress, the President of the Chamber of Deputies, and the President of the Supreme Federal Court.

“The working visit, which continues tomorrow, will also feature high-level engagements between Nigerian and Brazilian delegations across various sectors, underscoring both nations’ commitment to building a future of mutual growth and prosperity.”

News

NAFDAC Warns Of Fake Postinor-2 In Circulation

Published

3 hours ago

August 25, 2025

Editor

The National Agency for Food and Drug Administration and Control on Monday issued a public alert, warning the public about confirmed counterfeit batches of Postinor-2 (Levonorgestrel 0.75 mg) now circulating in Nigeria.

The alert follows a report from the Society for Family Health, the marketing authorisation holder, confirming that they did not import the suspect batches.

Postinor-2 (Levonorgestrel 0.75mg) is a brand of emergency contraceptive pill containing the active ingredient levonorgestrel.

NAFDAC revealed there are noticeable labelling discrepancies between the authentic and fake products.

It said, “The National Agency for Food and Drug Administration and Control (NAFDAC) hereby notifies the public of falsified Type 1 and 2 batches of POSTINOR 2 (Levonorgestrel 0.75mg) product in circulation.

“The noticeable difference was found to be as follows: The font size of the text on the pin verification sticker appears smaller and has a wrong spelling of the word Veify instead of Verify on the fake; meanwhile, the text font on the sticker of the original appears bigger and more visible. There is also a wrong spelling behind the pack of the fake “Distnibuted in Nigeria” instead of distributed in Nigeria”, NAFDAC said.

NAFDAC identified the original Postinor-2 as batch T32458H, manufactured in February 2023 with an expiry date of February 2027 and registration number 04-6985.

The agency, however, confirmed two falsified versions: Counterfeit Product (Type 1), batch T36184B, manufactured in August 2024 with an expiry date of August 2028; and Counterfeit Product (Type 2), batch 332, manufactured in March 2023 with an expiry date of February 2027, both carrying the registration number 04-6985.

It said that due to the potential presence of incorrect, substandard, or harmful ingredients, improper dosages of levonorgestrel, and a lack of sterile manufacturing conditions, poses significant risks to individual health and public safety.

“The risks of administering falsified Postinor 2 (Levonorgestrel 0.75mg) include failure of contraceptive effect, toxic or harmful contaminants, unpredictable side effects, delayed or missed opportunity for genuine emergency contraception, and potential long-term reproductive health impact. Unexpected side effects: Unknown substances can trigger allergic reactions, organ damage, or death.

“Counterfeit medicines are unregulated, untested, and illegal, making their safety and efficacy impossible to guarantee. Patients should only obtain Postinor-2 from verified pharmacies or licensed healthcare providers.

“Although Investigations are still ongoing regarding the source of the falsified product, all NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the falsified product of type 1 and 2 postinor 2 (Levonorgestrel 0.75mg) within the zones and states,” it added.

NAFDAC urged consumers and healthcare providers to verify PIN stickers carefully, report suspected counterfeit products, and always purchase medications from reputable sources.