Abuja, May 30, 2024: The website of the Nigerian Education Loan Fund (NELFUND) has received over 60,000 visitors since its launch, according to the Fund’s Managing Director, Akintunde Sawyerr. Sawyerr disclosed this information during a press briefing in Abuja on Thursday.
Sawyerr also highlighted that over 90% of federal institutions have submitted their lists of eligible students. However, two federal universities and two federal polytechnics are yet to comply. He added that the scheme would be extended to students of state universities within the next three weeks.
The initiative stems from the Access to Higher Education Act, 2023, which President Bola Tinubu signed into law on June 12, 2023. This legislation enables indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution. The move was in “fulfillment of one of his campaign promises to liberalize funding of education,” said Dele Alake, a member of the former Presidential Strategy Team.
The Act, commonly referred to as the Students Loan Law, also established the Nigerian Education Loan Fund to manage all aspects of the loan process, including requests, grants, disbursements, and recovery.
Initially, the government planned to launch the scheme in September 2023. However, it faced several delays, resulting in 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.
After a briefing from the NELFUND team led by the Minister of State for Education, Dr. Yusuf Sununu, on January 22, President Tinubu instructed the Fund to extend interest-free loans to Nigerian students interested in skill-development programs. This decision was based on the need to accommodate those who may not wish to pursue a university education, emphasizing that skill acquisition is as crucial as obtaining undergraduate and graduate academic qualifications.
This expansion aims to ensure that the loan scheme is inclusive and meets the diverse needs of Nigerian students, thereby fostering a more skilled and educated workforce in the country.