Nigeria's Education Ministry Disburses ₦13.3bn in Loans

The Federal Ministry of Education reported that Nigeria's tertiary institution staff loan scheme has paid ₦13.3 billion to 7,450 beneficiaries, while an additional ₦1.7 billion is currently undergoing institutional processing. These figures pertain to the programme's first cycle and not just payments made on October 6.

The government allocated ₦15 billion to the Bank of Industry for this scheme. The ministry noted that there are over 42,000 applications, with 28,987 approvals and 8,604 loan offers across 153 participating institutions.

However, the ministry did not provide specific details on the waiting times for individual applicants or the timeline for the payment of approved loans. Additionally, the ministry acknowledged challenges with institutional processing and disputes regarding eligibility decisions, stating that support has been extended to bursars to help address workflow issues.