In a major boost to higher education accessibility in Nigeria, the Federal Government has disbursed over N2 billion in loans to over 20,000 students across six universities in the country.
Economic Confidential reports that the largest beneficiary was Bayero University Kano got the largest share of the loan.
It received N853,775,000.00 in loans for 7,788 students, accounting for 42 percent of the total disbursement from the Nigerian Education Loan Fund.
The University of Maiduguri followed closely, receiving N589,001,500.00 for 5,839 students, or 29 percent of the total.
Other universities that received significant loan amounts included the Federal University, Dutsin-Ma, N304,961,800.00 for 3,540 students; University of Ibadan N201,114,650.00 for 1,570 students; University of Ilorin, N52,897,890.00 for 902 students; and University of Benin N24,412,500.00 for 432 students.
In total, the government disbursed N2,026,163,340.00 in student loans to 20,371 beneficiaries across these six institutions, providing much-needed financial support to help increase access to quality higher education.
The student loan scheme is part of the administration of President Bola Tinubu’s broader efforts to tackle the challenges of funding and affordability that have long hindered many Nigerians from pursuing university education.
By easing the financial burden on students and their families, the program aims to open up opportunities for more young people to acquire the skills and knowledge needed to drive the country’s development.
Economic Confidential further gathered that the figures do not include monthly upkeep.
The upkeep of the students is being processed directly to their accounts.
Culled from; (PRNigeria & theeagleonline.com.ng)
