The Nigerian Education Loan Fund (NELFUND) has announced that about 1.2 million Nigerian students in tertiary institutions and government-recognised skill acquisition centres will be among the first batch of beneficiaries on the Federal Government’s students loan initiative.

NELFUND said Unified Tertiary Matriculation Examination registration number, National Identification Number and Bank Verification Number are major requirements for accessing Students Loans.

The Managing Director of NELFUND, Mr Akintunde Sawyerr, made this known during an interactive session with members of Education Writers Association of Nigeria (EWAN) in Lagos.

“About 1.2 million Nigerian students in tertiary institutions and government-recognised skill acquisition centres will be among the first batch of beneficiaries,” he said.

According to the managing director, the money to fund the loan scheme is one per cent of the revenue generated by the Federal Inland Revenue Service annually.

Sawyerr said that the requirements for accessing the laon were to confirm eligibility.

He said that the management of the loan scheme would verify applications and attached requirements to ascertain eligibility.

He said that disbursement would be in two segments.

“The school fee will be paid to the institution on behalf of the student and the stipend directly to student’s account,” he said.

According to the managing director, financially-indigent undergraduates, who need the loan for their education, are free to apply on a designed website and must provide their matriculation details.

He said that the beneficiaries would be expected to start servicing the loans when they would secure jobs or set up businesses.