On Thursday night, the Federal Government announced that the Nigerian Education Loan Fund (NELFUND) would open a portal for student loan applications on May 24, 2024.
This announcement was made in a statement signed by Nasir Ayitogo, the media lead of the Fund.
Ayitogo highlighted that this marks a significant milestone in President Bola Tinubu’s commitment to fostering accessible and inclusive education for all Nigerian students.
President Tinubu signed the Access to Higher Education Act, 2023, into law on June 12, 2023. This law enables indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.
Dele Alake, a member of the then Presidential Strategy Team, noted that this move fulfilled one of Tinubu’s campaign promises to liberalize education funding.
The Act, also known as the Students Loan Law, established the Nigerian Education Loan Fund to manage all loan requests, grants, disbursements, and recoveries.
Although the government initially planned to launch the scheme in September, it faced several delays, leading to an indefinite postponement in early March.
The Presidency attributed the delay to President Tinubu’s directive to expand the scheme to include loans for vocational skills.
On January 22, after a briefing from the NELFUND team led by the Minister of State for Education, Dr. Yusuf Sununu, President Tinubu instructed the Fund to extend interest-free loans to Nigerian students interested in skill-development programs.
Tinubu emphasized the importance of accommodating those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.
“This is not an exclusive program. It caters to all of our young people. Young Nigerians are gifted in different areas. This is not only for those who want to be doctors, lawyers, and accountants.
It is also for those who aspire to use their skilled and trained hands to build our nation,” Tinubu stated. He instructed NELFUND to explore opportunities to include skill-development programs because not everyone wants to go through a full university education.
The newly opened portal will allow students to access loans to pursue their academic aspirations without financial constraints. The portal features a user-friendly interface for convenient loan application submission.
The statement encouraged all eligible students to take advantage of this opportunity to invest in their future and contribute to the nation’s growth and development. Students can access the portal at www.nelf.gov.ng to begin their application.
