The Nigerian Senate has postponed the resumption of plenary from the 23rd of April 2024 to the 30th.

The postponement was contained in a notice issued by the Clerk to Senate, Chinedu Akubueze which was released on Thursday in Abuja.

Part of the notice read: “Distinguished Senators are hereby, respectfully informed that resumption of plenary, which was earlier postponed to Tuesday 23rd April 2024, has further been postponed to *Tuesday 30th April 2024 at 11 am.

“Kindly note that the plenary sitting will be held at the main Chamber of the Senate.

“All inconveniences this postponement may cause Distinguished Senators are highly regretted, please.”

DAILY POST reports that the latest postponement is the second since Lawmakers in the upper and lower legislative Chambers went on Easter and Sallah recess.

President Bola Tinubu has said his administration remains undeterred in its pursuit of comprehensive economic security for the country.

He also promised to address foundational challenges and create a fair and equitable system in which all Nigerians can thrive.

Tinubu made the promise when he received leaders of Afenifere, the respected Yoruba Socio-Cultural Organization, at the State House in Abuja, on Wednesday.

President Tinubu said his administration is re-engineering Nigeria’s finances and seeking to boost the purchasing power of citizens and spread prosperity down the line, by instituting a credit system where the element of cash is not an impediment to a significantly enhanced standard of living for all citizens.

The President said Nigeria must secure itself economically first before it can achieve any of its more sophisticated objectives.

He said: ‘’We are committed to the economic survival of our country. To re-engineer the finances of our country, we must start in earnest. So first, retool, revamp the economic opportunities available, and resolve to continue taking the firm and steady baby steps that are necessary.

‘’Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths. We have seen the problems parents face in training their children in school; it is the reason why we established the National Student Loan Programme, which is taking off well.

‘’We are equally examining what to do with the high degree of unemployment. We must help vulnerable people by providing social security. We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citizens with the Consumer Credit Scheme. If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land.”

Speaking on security, the President declared that those who threaten the sovereignty of Nigeria would pay a heavy price.

“I am irrevocably committed to the unity of Nigeria and constitutional democracy. Constitutional democracy has been reflected greatly here since we assumed office.

“What we face now is the challenge of terrorism. Security of life and property is very necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that they cannot threaten the sovereignty of Nigeria any longer.

‘“Banditry and kidnapping will be defeated. And there is no payment of ransom whatsoever. We are taking the battle to them. We are getting results more rapidly than before.

“We are working hard on intelligence gathering. Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent,’’ he affirmed.

The Economic and Financial Crimes Commission (EFCC) will today (Thursday) arraign a former governor of Kogi State, Yahaya Bello, before a Federal High Court sitting in Abuja.

Naija News reports that the governor will be arraigned alongside three other suspects, Ali Bello, Dauda Suleiman, and Abdulsalam Hudu.

The EFCC is arraigning them before Justice Emeka Nwite on 19-count charges bordering on money laundering to the tune of N80, 246,470, 088.88 (Eighty Billion, Two Hundred and Forty-Six Million, Four Hundred and Seventy Thousand and Eight Nine Naira, Eighty Eight Kobo).

They will face 19 counts of alleged fraud in a charge marked FHC/ABJ/CR/98/2024 filed on March 6, 2024, by a Senior Advocate of Nigeria (SAN), Dr. Kemi Pinheiro.

Pinheiro and two other SANs – Jubrin Okutepa and Rotimi Oyedepo – will lead seven other lawyers from the EFCC against the defendants.

Count 1 of the charge reads: “That you, Yahaya Adoza Bello, Ali Bello, Dauda Suleiman, and Abdulsalam Hudu (Still at large), sometime in February 2016, in Abuja, conspired amongst yourselves to convert the total sum of N80,246,470,089.88 which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: criminal breach of trust and you thereby committed an offense contrary to Section 18(a) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended.”

Count 2: “That you, Yahaya Adoza Bello, sometime in 2023, in Abuja, indirectly procured one Ali Bello, Dauda Suleiman, and Abdulsalam Hudu (still at large) to use the sum of N950,000,000.00 for the acquisition a property lying, being and situate at No. 35 Danube Street, Maitama District, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18 (c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

Count 3: “That you, Yahaya Adoza Bello, sometime in February 2021 in Abuja, indirectly procured one Ali Bello, Dauda Suleiman and Abdulsalam Hudu (still at large) to use the sum of N100,000,000.00 for the acquisition a property lying, being and situate at No. 1160, within Cadastral Zone C03, Gwarimpa II District, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

Count 4 “That you, Yahaya Adoza Bello, sometime between 2018 to 2020, indirectly procured one Yakubu Siyaka Adegbenga, Iyadi Sadat and Abba Adaudu to use the sum of N920,000,000.00, for the acquisition a property lying, being and situate at No.2 Justice Chukwudifu Oputa Street, Asokoro, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

Count 5: “That you, Yahaya Adoza Bello, sometime in 2022, in Abuja, within the jurisdiction of this Honorable Court, indirectly procured one Ali Bello, Dauda Suleiman, Rabiu Musa Tafada Global Ventures and Abdulsalam Hudu (still at large) to use the sum of N170,000,000.00 for the acquisition of a property lying, being and situate at block D Manzini Street, Wuse Zone 4, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

The EFCC also accused Bello of procuring a firm to transfer the aggregate sum of US$570,330.00 to an account number in TD Bank, United States of America, “which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: Criminal breach of trust.”

The last count accused the former Kogi State Governor of indirectly procuring E-Traders International Limited, Aleshua Solutions Services, Whales Oil and Gas, Forza Oil and Gas, Dada Grand Merchant Limited to transfer $556,265 to account number 4266644272 domiciled in TD Bank, United States of America “which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: Criminal Misappropriation and you thereby committed an offense contrary to section15(2)(d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15(3) of the same Act.”

The Central Bank of Nigeria (CBN) has reduced the Loan-to-deposit ratio (LDR) of banks to 50 per cent from 65 per cent.

The apex bank made this known in a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy”.

The circular was signed by the Acting Director of the Banking Supervision Department, CBN, Adetona Adedeji.

In a bid to increase lending to the economy especially Small and Medium Enterprises, SMEs, retail mortgage and consumer loans, the CBN on July 3, 2019, increased Banks’ LDR to 60 per cent from 57 per cent.

The LDR was further raised to 65 per cent in January 20020.

The reduction in the LDR according to analysts at Afrinvest Securities is to allow banks to comply with the Cash Reserve Ratio, CRR of 45 per cent.

They said, “Today, the CBN in a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy” announced a scale down of the Loans to Deposits Rate (LDR) by 15.0ppts to 50.0% – reversing previous threshold set by the past CBN administration in January 2020.

“In our view, this downward review of LDR allows banks to comply with the 45.0% CRR directive, and eases off pressure on the lenders considering the restrictive nature of other CBN directives including the Net Open Position (NOP) ceiling of 20.0% short and 0.0% long. Thus, we believe this policy would enhance the ability of banks to sweat out assets without creating unnecessary risks.”

The CEO of Rainoil Limited, Gabriel Ogbechie, disclosed that the Nigerian government has resumed the controversial payment of fuel subsidies, now estimated at about N600 billion monthly, due to the recent devaluation of the Naira.

This statement was made during the Stanbic IBTC Energy and Infrastructure Breakfast Session in Lagos, stirring significant discussions on the nation’s economic and energy policies.

Return of the Subsidy

Mr Ogbechie detailed the resurgence of the fuel subsidy following the adjustment in foreign exchange rates. “When Mr. President came in May last year, one of the things he said is that subsidy is gone. And truly, the subsidy was gone because immediately, the price of fuel moved from 200 to 500 per litre. But a few weeks later, the government devalued the exchange rate, and the Dollar moved to about N750. At that point, the subsidy was beginning to come back,” Ogbechie explained.

He further highlighted that with the official closure of the dual exchange rate markets and the consolidation to about N1,300 per dollar, the subsidy on petrol was unmistakably reinstated. “The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol,” he emphasized.

Subsidy Calculations and Implications

Ogbechie broke down the current subsidy figures, stating, “If you look at our daily consumption, say 40 million liters, and we’re spending N500 per liter, that is about N20 billion every day, N600 billion every month, and 7.2 trillion yearly depending on how we look at it. So, subsidy is definitely back on petrol.” These numbers not only highlight the financial magnitude of the subsidy but also underscore the economic pressures faced by the Nigerian government in maintaining fuel price stability.

Government and Public Perspectives

The reimplementation of the fuel subsidy has sparked debates across various sectors. The former governor of Kaduna State, Nasir El Rufai, echoed concerns by stating that the federal government is spending more on petrol subsidy than before. Meanwhile, Mrs. Olu Verheijen, Special Adviser to the President on Energy, elucidated the government’s stance, “The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.”

She added, “If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently, and that does not negate the fact that subsidy has been removed.”

NNPC’s Position

Contrarily, the Nigerian National Petroleum Corporation (NNPC) has maintained that no subsidy is paid to its account from the federal government. Mele Kyari, GCEO of NNPC, stated in August 2023, “I told you there’s no subsidy whatsoever, we are recovering our full cost from the products that we import. We sell to the market, we understand why the marketers are unable to import. We hope that they do this very quickly, and these are some of the interventions the government is doing. There is no subsidy.”

A few days after the commemoration of the 10-year anniversary, another Chibok girl, Lydia Simon, has been rescued by troops of Operation Desert Sanity III, North East Operation Hadin Kai.

She was rescued with her three children by the troops of 82 Division Task Force Battalion in Ngoza LGA of Borno State, yesterday.

Sources told Vanguard that, Lydia, who was on serial number 68 among the abducted missing girls, escaped from the camp of Ali Ngulde in Mandara Mountain, where she was held in captivity for several years.

She surrendered to troops of 82 Division Task Force Battalion at Ngoshe in Gwoza LGA. The rescued Chibok girl was five months pregnant and claimed she was from Pemi Town in Chibok.

President Bola Tinubu, on Wednesday, promised harsh consequences for persons who pit themselves against Nigeria’s sovereignty and security.

He also said his administration had made considerable gains against banditry and kidnapping through intensified campaigns buoyed by intelligence gathering.

“Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent,” Tinubu said when he received leaders of the Yoruba socio-political Organisation, Afenifere, at the State House in Abuja on Wednesday.

The delegation was led by the leader of Afenifere, Pa Reuben Fasoranti, Oba Olu Falae, and other eminent citizens.

The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed the details of Wednesday’s talks in a statement titled, ‘President Tinubu receives leaders of Afenifere, says the administration is resolute in achieving economic security in a fair and equitable system for all Nigerians.’

Speaking on security, the President declared that those who threatened the sovereignty of Nigeria would pay a heavy price.

The declaration by Tinubu came days after Yoruba Nation agitators, dressed in military camouflage and armed with guns, stormed the Oyo State Government Secretariat, attempting to hoist the Yoruba Nation flag on the premises of the Oyo State House of Assembly.

The Yoruba Nation promoters are seeking the breakaway of the Yoruba people from the Federal Republic of Nigeria.

They contended that the interest of the Yoruba people had not been adequately protected in Nigeria, saying their welfare would be better taken care of under a separate sovereign entity to be known as Yoruba Nation.

But Tinubu speaking on Wednesday, vowed to keep Nigeria as one.

The President said, “I am irrevocably committed to the unity of Nigeria and constitutional democracy. Constitutional democracy has been reflected greatly here since we assumed office. What we face now is the challenge of terrorism.

“Security of life and property is necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that it can no longer threaten Nigeria’s sovereignty.

“Banditry and kidnapping will be defeated. And there is no payment of ransom whatsoever. We are taking the battle to them. We are getting results more rapidly than before. We are working hard on intelligence gathering.”

The President said his administration was re-engineering Nigeria’s finances and seeking to boost citizens’ purchasing power and spread prosperity by instituting a credit system where the element of cash does not impede a significantly enhanced standard of living for all citizens.

He argued that Nigeria must first secure itself economically before achieving its more sophisticated objectives.

“We are committed to our country’s economic survival. To re-engineer our country’s finances, we must start in earnest,” he explained.

According to Tinubu, this will require first retooling, revamping the economic opportunities available, and continuing to take the necessary firm, steady baby steps.

“Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths.

“We have seen the problems parents face in training their children in school; it is why we established the National Student Loan Programme, which is taking off well,” he explained.

He assured the Yoruba leaders that his administration would emphasise the Consumer Credit Scheme and provide allowances for the unemployed to reduce the high unemployment rate.

“We must help vulnerable people by providing social security.

“We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citizens with the Consumer Credit Scheme.

“If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land,” President Tinubu said.

He thanked the delegation for their prayers and support and assured them he would not relent in his resolve to advance Nigeria.

“God bless Nigeria. God bless our unity; our diversity must bring prosperity for all for the sake of Nigeria,” Tinubu concluded.

Earlier in his remarks, Oba Olu Falae commended the President for his courageous decisions, the rehabilitation of the Third Mainland Bridge in Lagos, and other critical ongoing projects.

Oba Falae urged the President not to relent in ensuring fairness and equity for all Nigerians while noting the importance of a constitutional amendment to devolve more powers to the states.

He said, “We are delighted about what you are doing for our country, and we assure you of our continued support.

“We thank you for visiting Akure in February 2024 and believe it is proper to reciprocate your kind gesture.

“We appreciate this relationship, and we need to make it work in the interest of Nigeria.”

Describing President Tinubu as the most important political figure in Africa, the monarch conveyed the elders’ expectations of him to lead the country with knowledge, courage and integrity.

“We have no doubt that your tenure will mark a turning point in our country’s history. Under your leadership, Nigeria will be repositioned,” he said.

The Afenifere Chief also promised firm support for the President, saying, “We will stand by you as you make all efforts to improve the Nigeria story. Be assured that Afenifere will not abandon you in fair or foul weather. As long as you remain faithful to the principles of fairness, integrity, and courage expected of you as the leader of Nigeria, we will stand by you.”

THE Kogi State Governor, Usman Ododo, on Wedneday, foiled an attempt by the Economic and Financial Crimes Commission to arrest the immediate-past governor of the state, Yahaya Bello, at his 9, Benghazi Street, Wuse Zone 4, Abuja residence.

The operatives of the anti-graft agency had stormed the street around 9.30 a.m. on Wednesday and laid siege to the former governor’s residence, preventing both human and vehicular movements.

The EFCC operatives were, however, resisted by armed policemen dressed in black, with the inscription ‘Special Forces.

Our correspondent, who visited the residence on Wednesday afternoon, observed the heavy presence of armed operatives of the EFCC, policemen, operatives of the Department of State Services, Counter Terrorism Unit and Yahaya Bello’s private security team.

The stalemate continued as the EFCC operatives were prevented by the policemen and other armed men guarding the former governor from entering the house.

At exactly 2.30 p.m., the convoy of the Kogi State governor, Ododo, arrived at the residence, alongside several security operatives and youth supporters.

Governor Ododo was ushered into the residence by his security details and around 4:20 p.m., the convoy left the residence with Bello inside the governor’s car.

About 10 minutes after the governor and the former governor had left, the EFCC operatives laying siege to the residence were seen retreating to Benghazi Street, Wuse Zone 4, Abuja, while the DSS operatives and other security agents guarding the house also drove off shortly after.

Confirming the development to our correspondent, a source who preferred anonymity because of the sensitive nature of the case, said, “The former governor has left. He left with Governor Ododo, who just drove out now with his security guards.”

A source at the EFCC, who also preferred anonymity, said, “Yahaya Bello has escaped with the Kogi State Governor, Ododo. Our operatives could not stop the governor.”

Efforts to confirm the reason behind the siege on Bello’s residence failed as the spokesperson for the EFCC, Dele Oyewale, did not respond to inquiries concerning the development.

The EFCC had been having a running battle with the former governor over allegation of corruption.

The anti-graft agency had arraigned the ex-governor’s nephew, Ali Bello, in a charge that featured the ex-governor’s name.

The EFCC, in the charges, alleged N84bn fraud.

One of the counts read: “That you, Ali Bello, Dauda Suleiman, Yahaya Adoza Bello (still at large), and Abdulsalam Hudu (still at large), sometime in September 2015 in Abuja, within the jurisdiction of this honourable court, conspired amongst yourselves to convert the total sum of N80,246,470,089.88, which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: criminal breach of trust and you thereby committed an offence contrary to Section 18(b) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended,”

However, the Kogi State government faulted the charge, describing it as ‘ridiculous and laughable,’ saying the state had no missing funds.

EFCC condemns obstruction

In a statement on Wednesday by its spokesman, Oyewale, the EFCC warned Nigerians against obstructing its operatives during their duties.

“The EFCC wishes to warn members of the public that it is a criminal offence to obstruct officers of the commission from carrying out their lawful duties.

“This warning becomes necessary against the background of the increasing tendency by persons and groups under investigation by the commission to take the laws into their hands by recruiting thugs to obstruct lawful operations of the EFCC,” Oyewale said.

Bello, on his part, described the seige on his home by the EFCC as an illegality, calling on President Bola Tinubu to rein in the anti-graft agency.

In a statement released by his media office, Bello said the move by the EFCC to arrest in was in violation of a February 9, 2024 of a Kogi State High Court in Lokoja, which restrained the EFCC from “harassing, arresting, detaining, or prosecuting” him pending the determination of the fundamental rights suit filed by the ex-governor against the EFCC.

The media team said: “It is a surprise that an agency led by a lawyer could flagrantly disobey a subsisting court order, by taking actions contrary to the reliefs granted.

“We are aware of the total commitment of President Bola Tinubu’s current administration to the rule of law and can say categorically that the EFCC leadership might have offered the agency on a silver platter to desperate politicians to convert it to their score-settling tool, without minding the effect on its integrity and the image of Nigeria as regards the rule of law.”

Courts makes counter orders

Meanwhile, the Federal High Court in Abuja, on Wednesday, issued a warrant for the EFCC to arrest Bello.

Justice Emeka Nwite issued the order following an ex parte motion filed by the EFCC on Wednesday.

However, in a counter ruling, a Kogi State High Court in Lokoja restrained the EFCC from detaining and prosecuting Bello.

Justice Nwite made “an order directing and/or issuing an arrest warrant for the immediate arrest of the defendant for the purpose of bringing him before this honourable court for arraignment.”

But in a countermanding order, Justice I. A. Jami of the Kogi State High Court restrained the EFCC from arresting the former governor.

The EFCC had dragged Yahaya Bello, his nephew, Ali, one Dauda Sulaiman, and Abdulsalam Hudu before Justice James Omotosho of the Federal High Court, Abuja, in an amended charge in March 2024, over an alleged N84bn money laundering.

The anti-graft agency, in the 17-count amended charge, accused Yahaya Bello of money laundering, breach of trust, and misappropriation of funds to the tune of N84,062,406,089.88.

The EFCC had claimed in the amended charge that the former governor was at large.

To record -4.6% growth in fiscal balance

The International Monetary Fund, IMF, has projected Nigeria’s public debt to Gross Domestic Product, GDP, ratio to reach 46.6 percent in 2024, and 46.8 percent in 2025.

This represents a 0.3 percentage points and 0.5 percentage points growth respectively when compared with the IMF projection for 2023.

The IMF disclosed this in its Fiscal Monitor for April 2024 titled: “Fiscal policy in the great election year”

It also downgraded the country’s fiscal balance-to-GDP ratio to -4.6 percent in 2024 from -4.2 percent in 2023.

According to the IMF, large shares of loans on concessional terms, high inflation, and resulting favorable interest-growth differentials had helped contain average public-debt-to-GDP ratios in low-income developing countries, at around 50 percent of GDP since 2020, on average.

It added: “An exception was an uptick to 53 percent of GDP in 2023, largely driven by exchange rate depreciation in Nigeria. ‘’However, countries are carrying heavy debt-service burdens, amounting to 13 percent of total spending and almost 25 percent of tax revenues, on average, in 2023 (about double the level 15 years ago).

“In Nigeria, the debt-service burden amounts to around 56 percent of tax revenues. Such high debt-servicing costs prevent low-income developing countries from spending more on essential services and critical investment to improve economic resilience and reduce poverty.

“Economies in this country group are also borrowing increasingly on commercial terms, amplifying their exposure to interest rate and foreign exchange risks. “Accordingly, risks associated with debt refinancing are high, as repayments of substantial amounts of external debt—about $60 billion—are coming due in 2024–25, three times the average in the 2010s (Holland and Pazarbasioglu 2024).

“Several low-income developing countries returned to international markets after a hiatus in early 2024 (Benin, Côte d’Ivoire, Kenya), allowing them to refinance maturing debt. However, at present, governments should carefully consider the trade-offs between current financing and future fiscal sustainability associated with issuing public debt at high cost (April 2024 Regional Economic Outlook Sub-Saharan Africa).”

IMF also said that the fiscal balances have improved only in sub-Saharan Africa (by 1.2 percentage points of GDP with both lower spending and higher revenues.

It added: “Overall, primary deficits are projected to decline further in low-income developing countries in 2024 to 1.5 percent of GDP, on average, gradually falling to 1 percent by 2029, about 1.3 percentage point of GDP below their level in 2019. Revenues are expected to improve in many economies in this group, given, among other measures, new tax measures and reduced exemptions to the value-added tax (Bangladesh). Expenditures are expected to rise modestly.”

The Student Loan Scheme of the Tinubu-led Administration os set to kick off with about 1.2 million beneficiaries.

Nigerian Education Loan Fund (NELFUND’s) Managing Director/Chief Executive Officer (MD/CEO), Mr. Akintunde Sawyer said the loan scheme will take off soon after President Tinubu signed it into law on April 3. 

It will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS). The FIRS has already been given a revenue target of N19.4 trillion.

If the target is met, N194 billion will be available as a loan to the beneficiary students and repayment, according to the law, will commence two years after the completion of the National Youth Service Corp (NYSC).

Commenting on the scheme, the NELFUND CEO said;

“We don’t expect to have more than 1.2 million students in the first instance. As time goes on, there will probably be expansion.

“For the successful applicants, we will be paying their fees – the full amount – directly to the institutions.

“There will also be a stipend paid to the individuals. At a regular interval, the beneficiaries will receive an amount of 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.”

On the condition to be met by potential beneficiaries, Sawyer said they would be required to provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details before they can apply for the loan.

Those who are already students and seek to take the loan would need to, in addition to these conditions, provide their matriculation details. He added;

“Without a doubt, President Tinubu intends to ensure that as many Nigerians as possible get this opportunity. That is why he has vigorously pursued this opportunity on behalf of students.

“That is why all of us must join hands to ensure that capacity expansion can happen. This is not going to be an elitist programme. It is a programme that is going to drag as many people into the education net as possible.

“That is what the President intends and that is what we are going to do.”