Listing the requirements, Akintunde Sawyerr, the executive secretary of the Nigerian Education Loan Fund (NELFUND), stated that the beneficiary would be required to meet the following conditions:
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- Provide their Joint Admissions and Matriculation Board (JAMB) numbers
- National Identification Number (NIN)
- Bank Verification Number (BVN), among other details before they can apply for the loan
- Existing students who seek to take the loan would need to provide their matriculation details
He further explained what the student loan will cover for each successful applicant:
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“We will be paying their fees—the full amount—directly to the institutions. There will also be a stipend paid to the individuals. At regular intervals, the beneficiaries will receive money for their upkeep so that they can do the basic things—feeding, photocopying handouts, and data. They can use the stipend to ensure that there is enough opportunity for them to survive the experience of being students. We all know that students’ survival is on another level.
