The much awaited students loan scheme of the Federal Government will be disbursed directly to the institutions of the scheme’s beneficiaries, Akin Sawyerr, the Executive Secretary of the Nigerian Education Loan Fund has said.
According to Sawyerr, loans will be disbursed directly to the institutions of applicants to avoid diversion.
He also noted that individuals who obtain the loans will be made to repay their loans two years immediately after completion of the mandatory National Youth Service Corps.
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Sawyerr stated this during a meeting with the Executive Secretary of the National Universities Commission (NUC) Chris Maiyaki in Abuja.
A transcript of the meeting obtained by reporters in Abuja also disclosed that the sources of NELF funding included; one per cent of all profits accruing to the Federal Government from oil and other minerals; one per cent of taxes, levies and duties accruing from the Federal Inland Revenue Service, Nigeria Immigration Service, Nigerian Custom Service; Education Bonds and Education Endowment Fund schemes.
Sawyerr further stated that the Education Loan would also be funded through donations, gifts, endowment and revenue accruing from any other source.