News

Student Loan: FG Finalises Repayment Plans Ahead Feb 21 Launch

Published

2 years ago

February 11, 2024

Editor

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

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

5 minutes ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

2 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.

News

Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria

Published

19 hours ago

May 5, 2026

Editor

Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.

Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.

He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.

“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.

“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.

“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.

DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.