The Nigerian Education Loan Fund (NELFUND) has announced that it has received over 6,000 loan applications from students in federal tertiary institutions within seven days of opening its portal. This is in addition to over 9.5 million visits to its office since last Friday.
According to the Managing Director of NELFUND, Akintunde Sawyerr, over 90% of federal tertiary institutions have submitted their students’ data, with only five institutions remaining. He also announced plans to expand the loan scheme to include students in state-owned tertiary institutions within three weeks.
The Access to Higher Education Act, signed into law by President Bola Tinubu in June 2023, aims to provide interest-free loans to indigent students in Nigerian tertiary institutions. The scheme was initially delayed but was later expanded to include loans for vocational skills.
President Tinubu emphasized the importance of skill acquisition, noting that it is as essential as obtaining undergraduate and graduate academic qualifications. He instructed NELFUND to explore opportunities to inculcate skill-development programs into the loan scheme.
The loan scheme is a fulfillment of one of President Tinubu’s campaign promises to liberalize funding for education. The move is expected to provide financial support to students pursuing higher education in Nigeria.
