Some Nigerians have been sharing fake news that FG only allocated 5bn for the student loan funding. This is totally wrong.

Student loan will be financed from 1% of the tax and revenue collected by FIRS in a performance year.

—In 2021, FIRS collected 6.4trn as revenue, 1% of this is 64billion and would have been allocated to NELFUND.

—In 2022, FIRS revenue rose to 10.18rn as revenue, 1% of this is a hefty 101.8bn and would have been allocated to NELFUND.

—In 2023, FIRS shot up to 12.3rn as revenue, 1% of this is a whooping 123bn and would have been allocated to NELFUND.

This is a quick high level info about student loan that is starting by May 24. It is called NELFUND.

1. Creation of NELFUND: Think of NELFUND as a bank specifically for helping students pay for education. It's like a friend who can lend you money when you need it for school and can legally ask you to pay it back.

2. What NELFUND Does: NELFUND gives loans to eligible Nigerians to help them pay for things like tuition, school fees, and even living costs while they're studying at approved colleges, universities, or skills training centers.

3. Who Runs NELFUND: NELFUND is like a well-organized company. It has a group of directors, kind of like a board in a company, who oversee everything. These directors come from various important organizations and are appointed by the President. Then there's a management team who take care of the day-to-day running of NELFUND.

4. Where NELFUND Gets Its Money: 1% of all the taxes that the Federal Inland Revenue Service collects goes into a special fund. This fund is like NELFUND's bank account - it's where they get the money to give out as loans and to cover their operating costs.

For 2023, FIRS collected12.3 trillion naira as tax and revenue. 1% of this amount is 123 billion naira. So, in 2023, NELFUND's "bank account" would have been credited with 123 billion naira from the FIRS revenue.


5. Who Can Get a Loan: Previously, only students from certain income families and with a guarantor could get a loan. Now, it's like a door has been opened wider. More students can apply for these loans and all they have to do is promise to pay back according to NELFUND's rules.

6. What the Loan Covers: Students can use the loan to pay for their school fees and also for their living expenses. It's like getting a scholarship that you pay back later and pocket money to run your daily needs in school.

7. Paying Back the Loan: After you finish your National Youth Service Programme, you have a two-year grace period before you need to start repaying the loan. If you're having trouble finding a job and can't pay back yet, you can ask NELFUND for an extension. In certain situations, like if a borrower passes away or experiences extreme hardship, the loan can be forgiven.

Wike na agba Awo for this game.

chukel:
zombie. Keep fooling yourself. I would spoon feed you. If you can't do a simple Google check to know how much was appropriated for this scheme in 2024 budget, then I can't help you. Of course, as a zombie, you have not been instructed to do so.

Lol 😂.

Me that provided you source is the zombie, but you that couldn’t provide one source to back up your claim is the non-zombie?

At least now you learnt a new thing. Rather than going around distracting your parent shouting “Student Loan is 5bn”, you can always remember Legendhero for tutoring you on the actual funding source for student loan.

Mind you, this 2024 year, FIRS will generate more taxes so student loan fund will be up to 200bn at least.

Zool6:
Lol
I m not joking when I told u Anambra have won more school global and local competition than all south west ,,u are listing Awosika regional competition done for students in south west only as Federal winning??
The Ogun school football winning in Nigeria took place 2023 but u claimed all is this 2024 ,,,,

Maybe u are new here no informed person will compare Anambra side by side to any state in Nigeria in winning competition in most cases Anambra have more winning than most other regions in Nigeria ,,dont forget the Anambra Golden Girls of World Technology Challenge that won Nigeria won Africa and won the World,,,,

In 2023 alone
Jamb highest
NECO highest
SCGE Cambridge highest for English
Dianna Award
Western China university
2 Russian universities
2 American universities
2 American college
All have Anambra setting new records there

This is Ogun in 2023 alone.

—Winner of JETS competition in Nigeria. If you’re a science student in secondary school, you’ll know what is JETS.
https://charlesokogene.com/2023/11/12/ogun-shines-again-at-jets-competition/

—16year old Ogun student, Mutiu score 9 A1 in WAEC.
https://independent.ng/ogun-college-student-16-scores-9a1-in-wassce/

— Ogun school pupil, teacher win interschool math, science competition
https://punchng.com/ogun-school-pupil-teacher-win-interschool-math-science-competition/?amp

— Ogun Female Student Athletes Win Scholarships Worth N100 Million
https://www.osundefender.com/ogun-female-student-athletes-win-scholarships-worth-n100-million/amp/

—Ogun student won the ICAN (Institute of chartered accountants) catch them young competition
https://muslimnews.com.ng/2023/10/31/vanguards-student-wins-2023-ican-cty-competition/

—Aderinsola of Faith Academy Canaanland won the Microsoft Office Specialist world contest 2023.

—Ogun student won the scholarship from the Nigerian scientists presidential award for 2023

—Akeem from Ogun school won the Cambridge dedicated award for central and Southern Africa

Those university you listed up there, what does it mean? Do you know how many Ogun students that got admitted to universities abroad? Or what do you mean by 2 American college? You mean only 2 student got into USA college in 2023 for Anambra?

chukel:
you are the one with immature brain. Do your parents a favor for the school fees the spend and get a copy of the 2024 budget from website of budget office and check how much was allocated to student loan.

Lol 2024 budget for student loan? Your father never raised a bright student.

NELFUND is what will finance the student loan and it’s from 1% of FIRS tax collections per year.

FIRS collected over 12.37 trillion as tax last year, so if you’re going to extrapolate, student loan will be financed with at least 123billion per year.

If not that your brain is mid, how can you believe 5bn will fund 1million student school fees and monthly stipends?

amaridigital:


My take is that the budget for the student loan scheme is too small. Just #5b for over 5 million applicants is too poor and I'm sure that amount won't be enough for 20,000 students. Same FG budgeted #90b for Mecca pilgrimage subsidy. Can you see the irony?

Who told you it’s 5bn for student loan? Is the money for garri and ewa?

They are funding it from 1% of the total tax collected by FIRS yearly. Last year, FIRS collected 12.3trillion.

That means this year, Student loan will be funded with approximately 123bn.

Even if you hate Tinubu, you shouldn’t hate something that will affect lives of million of Nigerians positively. Don’t be a sadist.

chukel:
5bn for 1.2m students. Laughable. 4k for each student.

So who told you it’s 5pm?

Even if your brain is not that matured, how do you think FG will pay 4K for schoolfees and stipends?

Melagros:

I'm surprised reading this reply from you

It’s sarcasm. Most people on Nairaland no sabi anything.

Zool6:

For One student winning any competition in ur region there is 5 Anambra students winning it also have u forgotten this year alone
Anambra won
World Affairs Challenge??
Nigeria Girls ICT ?

a little Anambra girl also scored 100 on mathematics winning over 21m scholarship

Another
Anambra is going to Rep Nigeria at World Olympia Contest after she defeated other Nigerians competitors

Learn to give deserved people there flowers


I can easily prove Anambra have won more global and local schools competition than all ur region put together I m ready to prove it if u doubt me ,,so rest

Below is 2024 for Ogun state alone.

— Ogun state Student Emerge First in World Mathematics Tournament
https://solacebase.com/two-nigerian-students-emerge-first-second-best/

— The Bells college Ogun state won Awosika’s competition
https://punchng.com/the-bells-college-wins-awosikas-competition/?amp

— Oluwafemi from Ogun wins 14 scholarships to Harvard, others worth $3.5m
https://businessday.ng/news/article/nigerian-teenager-wins-14-scholarships-to-harvard-others-worth-3-5m/?amp

— Ogun female student athletes win scholarship worth N100m
https://dateline.ng/ogun-female-student-athletes-win-scholarship-worth-n100m

— Ogun student Faith wins scholarship up to PhD level
https://thenationonlineng.net/ogun-student-wins-scholarship-up-to-phd-level/amp/

do u know this year Highest Jamb scorer 1st and 2rd they are not announcing are Igbos again?

1st Emmanuel Jeremiah Jewel of bishop Okoye college PH scored 366
2rd Jedida Chidiebube of Kadel Kaduna 363

You are a liar, the highest score I’ve seen so far is a Yoruba boy “David Alayande” and he scored 367.

https://www.schoolpursuit.com/highest-jamb-score-2024/

[/quote]

Nothing bad.

If the pastors can do it and people applaud them, then Adeleke can do it too.

Ade dancer should start organizing miracles in the government house. Who needs projects when governor can perform miracle?

Lovelive:
Clap for yourself !

Yours is on the way .

Any day I perform any terroristic act like Kanu IPOB terrorists, Boko Haram, and Fulani bandits, the FG should take my life.

Segxydube:


What about the babies in israel dat were killed?

Both killers on both sides are terrorists. Serving fake God all about who they use to justify the countless barbaric killings.

Then someone like righteousness start quoting one nonsense verse in his bible to justify why Israel can kill because God said this and that.

Abeg how much does it cost in 1998, I want to buy like 10 from the past into the future.

Blaze14k:


But I thought Anambra had miracle centers

Yes they surely do. I’m not WAEC that closed down several hundred of miracle centers.

Segxydube:


How are you normal? Saying shit about the God that created u is normal to u right? Ur mumu na grade 10

Leave me to God. Stop fighting for God.

The God I believe in will not sanction killing of babies in a barbaric way.

fxexperts:
and also they should demolish your fathers house too.

My father house is not in Rivers.

So if they like they should demolish all houses in Rivers for their fight, it’s none of my concern.

Pinkyposh:

If you like keep comparing God to other gods.
God has spoken that he is the God of war.
He gives victory to those who worship him truthfully.
He gives life and also takes it away.
No one can understand God. He works in mysterious ways

You fail to mention that he kill babies too and bless nations that continue to murdered defenseless souls.

What a wonderful God.

Righteousness2:
Mourn or no mourn,
The list of Casulties of those whose life sworn ambition was to Destroy the Apple of GOD'S Eye has increased.

Pharoah of Egypt was sunk in the Red sea.

Haman was Hanged in the gallows he prepared alongside his 10 sons. His people were wasted.

Herod was eaten up by worms alive

Nebuchadnezzar was made to Eat Grass

Hamas is being Wasted

Raisi of Today's Persia iran has been destroyed alongside others in the mountains of Azerbaijan .

Personally, I have no mourn to mourn.
I Have Warn to warn!

Nations and indivduals who value themselves should Perish the thought of Destroying Israel. It Cannot Happen. You will Destroy and Waste yourself and people.

ISRAEL is GOD ALMIGHTY Signature on the Earth.
ISRAEL is the Apple of GOD'S Eye.
ISRAEL is a COVENANT Nation.
GOD ALMIGHTY is a COVENANT Keeping GOD.

GOD Deals terribly with ISRAEL When they Go astray from HIS Word.
When they return to HIM, HE Deals terribly with those who come to destroy HIS Signet.

What is the difference between your wicked God and their own wicked God?

Your own God instruct Israel to bomb children and devour them just like the other terrorist God instruct them to kill with promise of 74 virgins.

I think they need to concentrate millions of damaged Nigeria religious folks in a camp and mask the normal among us from interacting with you Christian terrorists and Muslim terrorists.

BrodaBenad:


Create a thread for it and stop wailing and drenching here with your tears

It’s a private school stuffs. It’s normal thing private schools have been wining across Ogun for years. I don’t even always remember them as a thread point.

Just like me coming to celebrate Seun’s parent school for always producing outstanding students and be attributing it to Dapo Abiodun.

Or make Tinubu dey pound his chest for being the brain behind Convenant university being number 1 because he is the president.

Shey you self no go scold me for that?

lol these guys dey always amaze me.

Just last 2 month, a school in Ogun state emerged winner of world mathematics completion and I don’t see anyone wasting time on it saying it’s Dapo Abiodun legacy and bla bla bla like all these guy do for the Agulu fraud.

https://guardian.ng/news/nigeria-emerges-winner-of-world-mathematics-tournament/

marenkurz:
I was in Nigeria between March and April. There was no free WiFi in Lagos airport.
I hope we will have someone who will prosecute these thieves.

When I was there in 2022 ending/early 2023, there was free WiFi at Muritala international wing.

Probably they disconnected it later which explained why you never got to use it in March like you said.

I believe Pantami in this. I would even say free WiFi has been in Lagos airport as far back as 2022 December when I visited. I used it at the airport.

So Pantami even saying it started in 2023 seems like another lie of some sort.

Except if those that give the free WiFi at Muritala international terminal are not the FG.

No, they should fight to death.

Fubara should demolish the house of assembly, demolish all Wike house and businesses, demolish the house of all the other reps and Wike loyalists, and demolish any road constructed by Wike.

They should turn the state upside down and Fubara must not be seen as weak, peace is only for the weak.

Righteousness2:
FAKE NEWS IN CAPITAL LETTERS!
Nothing of such has been issued.

He seeks to do so.

Of which it has no bearing on Israel or the war.

It’s not fake news you this fake pastor.

https://amp.cnn.com/cnn/2024/05/20/middleeast/icc-israel-hamas-arrest-warrant-war-crimes-intl

Kukutente23:

So which colony was the rest of the West if you insist they were not under Lagos colony?
You clearly claimed that Lagos colony was for Lagos alone and the rest of the west was under Southern protectorate. So can you tell me when the West was moved back to Lagos colony from southern protectorate? For your info, even the Southern protectorate did not cover all of the East until the 1920s. There was resistance from the Easterners. So using the fact that they were not part of Lagos colony as cover for your wrong assumption of the West being part of Southern protectorate is just clutching at straws.

I have already shown you with evidence that the south south was the richest region in Nigeria. Even the historical facts back it up. As at the 16th century, South south was already trading with Europeans. The first set of educated Nigerians were from South south. I have shown you export and import data that shows the West even had a trade deficit compared to the Southern region who had a surplus.

You never showed any evidence of South South being the richest, none of anything you shared on this thread point to that. Because Export is more than import does not neccessarily translate to riches based on the data point you initially presented. You only shows 1908 and 1909 data which are just so years point and then you’re saying you showed evidence? I showed 1954 to 1961 data showing Western regions us is by far the zone with the largest export but you discarded that out so I don’t understand the logic you use to pass 1 year data as source of truth compared to 7 year worth of data.

Even your kernel data was referring to purchases and not revenue which is a meaningless parameter to measure wealth. And even at that, the south still topped except for kernel which was not in high demand. After palm produce came oil and South south still topped in that regard. Cocoa never measured up to palm produce as far as the colonial economy was concerned especially in Nigeria. It was Ghana that had the edge in cocoa. This is another fact of history.

Oh so we can’t use the purchase of the federation from the regions as yardstick but you can use export of 1908 of the Eastern to support your own argument right? You are such a wise guy.

Bro we ain’t talking about Ghana, stop the straw man arguments. This thread is about comparison based on different part of Nigeria. Cocoa measured far greater than palm in the 60s and the Western region generated more revenue from cocoa than what Eastern region did with palm oil. Stop arguing what you don’t know. Even today, Cocoa is the second largest generating agricultural export after Sesame or so.

Nigeria's main source of revenue since the 70s till today is oil. So how can you say having oil does not mean you're rich? The richest countries in the world ALL have oil. From the nordic countries to the Middle East to the Americas. Oil is tied to wealth.

You don’t even understand economics. When people talk about country wealth, it is usually measured in GDP per capita. There is no law on earth that says countries with oil automatically assume richest. Why you see some of those oil producing countries come up there is simply because their population size is small relative to the output of their oil.

Below is Forbes rated richest countries, how many of the counties on the list are major oil profiling countries?

https://www.forbesindia.com/amp/article/explainers/top-10-richest-countries-in-the-world/87305/1

Lagos is not as rich as Rivers. Lagos is benefitting from Rivers. Bring your data. You were the one harping on Onne not belonging to Rivers but now you're mentioning Lagos ports which majorly handle imports. Lagos economy is largely import dependent. GDP is not a measure of wealth but of economic activity. US has the largest GDP in the world but is not the richest country. Nigeria even when we had the largest GDP was not the richest in Africa. You can have GDP and still be poor just like Nigeria.

You’re the one that initially brought Onne. Our argument on this thread only centered about performance of Rivers state governors and Lagos state governors. I mentioned Lekki FTZ because Lagos state has 20% stake in it because it’s an investment birthed through Tibubu.

Yes, GDP alone is not a measure of wealth which is why economists add per capita to it to actually gauge it. The reason why USA is not the richest is simply because of their population. Those 350m people will divide the GDP amongst themselves and that will give small counties like Luxembourg the leverage.

Lagos economy is not import dependent, just stop saying nonsense. FG get the major revenue from the customs and ports in Lagos so if FG get the revenue and share it among the states, why then will you say Lagos is based off that? All the industries, companies, Fintechs, trade, real estate, massive investments in Lagos are what generate most of her revenue and that make the state the richest.

Lagos can today say they want to realize 70 billion monthly in IGR and they can easily amass that due to the factors within its economy. Rivers will not be able to do that.

If we are truly going to argue that crude oil make a state richest under Nigeria federal structure, then Delta should be the one you’re parroting as the richest and not Rivers which is probably the third oil producing states at present.

Mbanda:
Wait o! Where are those baterians that always accuse Igbos of drug trafficking?

So, they know how to runaway when the table is turned

No wonder this thread is still in first page.

You Ibos must sha insert yourself into this.

The thread might be dry because this one is an anomaly. We all know the usual suspects so this is surprising to people.

They should round them up and hang them on live TV.

They are a big disgrace.

Disclosing this in a statement on Sunday, NDLEA spokesman, Femi Babafemi, said four members of the syndicate were arrested in Lagos, where a Sports Utility Vehicle was recovered and two houses traced to them were sealed for forfeiture to the Federal Government.

“A couple, Kazeem Omogoriola Owoalade (alias Abdul Qassim Adisa Balogun) and Rashidat Ayinke Owoalade (alias Bolarinwa Rashidat Ayinke), who runs a cocaine cartel from India has been declared wanted by the National Drug Law Enforcement Agency following the arrest of four members of the syndicate in Lagos where a Sports Utility Vehicle was recovered and two houses already traced to them sealed for forfeiture to the Federal Government,” the statement read.

Source: https://www.channelstv.com/2024/05/19/ndlea-declares-india-based-nigerian-couple-wanted/amp/

Kukutente23:

What do you mean by Lagos colony was different? You want to add lies to your claims now? Here's what you wrote with full confidence:

You clearly claimed that the West was part of Southern protectorate and not Lagos colony when that never happened. Lagos colony included almost all parts of Yorubaland. No Yorubaland was part of Southern protectorate while Lagos colony existed. Just admit your ignorance and move on.

I have told you that Lagos colony was Lagos colony, it only expanded at some point. You should understand Lagos colony have been in existence since the 1862 and due to the civil war of Yorubaland, that was what let to Oyo empire being subsumed into it in the 1895 before they all got merged as Southern Nigeria in 1906. How can you call something that was merged at a later preceding lahos colony demise as being part of it boldly like they were formed together as a whole? Land acquisition was too rapid during colonial era as all those Royal Nigeria company, the British government, French, and etc fought for lands and take ownership of territories.

I did not shift anywhere. I was just responding to your wild claims. You claimed that the West has always been the richest part of Nigeria and I corrected you that it's not so. The south south is actually the richest part of Nigeria and their main produce before oil was palm. You then went and brought a 1954 palm produce page to buttress your claim when we all know that some south south parts were added to the west to form Western region then.
The point I was making then was that even Lagos was benefitting from the riches of the south south. Just as it is till today. Rivers is richer than Lagos and Lagos is actually taking from it like other parts of the federation is doing which is what has slowed their development. That war my point.

South South was never the richest at any point. Nothing in our argument and all the data point we listed on this thread point to that. Stop saying nonsense, palm oil is not the only produce, we have palm kernel and cocoa came at a later year. So how can you call one rich due to palm oil alone?

Rivers is not rich as Lagos, stop saying what you can’t defend with data. The GDP, revenue, and everything Lagos generate surpass river own. Newyork does not have any crude and yet it is richer than most states in USA.

That you have crude oil do not mean you must be richer than one without. Lagos is taking from crude oil proceed but Lagos is returning back into to the nation purse through the many tax taken from her port by the FG.

Rivers is not even the highest crude oil producer so if you’re going to use crude to measure wealth, then Delta should be the richest according to your logic. In every economic metrics, Lagos is richer than Rivers.

Do you want us to now tabulate data on every economic indices and then compare Lagos and Rivers state? True data will clear all doubt.