The Federal Government, through the Nigerian Education Loan Fund (NELFund), has announced that the portal for student loan applications will officially open on May 24, 2024.
This significant development was disclosed in a statement by the media lead for NELFund, Nasir Ayantogo, on Thursday.
Ayantogo emphasized that the opening of the application portal is a major milestone in President Bola Tinubu’s commitment to “fostering accessible and inclusive education for all Nigerian students.”
This initiative follows Tinubu’s signing of the Access to Higher Education Act, 2023, on June 12, 2023. The Act aims to provide interest-free loans to indigent students pursuing education in any Nigerian tertiary institution.
The Access to Higher Education Act, widely referred to as the Students Loan Law, also established the Nigerian Education Loan Fund to handle all aspects of loan processing, including requests, grants, disbursements, and recoveries.
This move fulfills one of Tinubu’s campaign promises to diversify the funding of education, as noted by Dele Alake, a member of the former Presidential Strategy Team.
Initially, the government planned to launch the scheme in September, but it faced several delays, leading to an indefinite postponement in early March.
The Presidency attributed these delays to President Tinubu’s directive to broaden the scope of the scheme to include loans for vocational skills. This expansion aims to accommodate individuals who may opt for skill acquisition over traditional university education, recognizing the equal importance of vocational skills and academic qualifications.
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