Students Loan Committee Meets Ahead Of Program Launch

The student loans program is ready to launch following the inaugural meeting of the special committee overseeing the Nigerian Education Loan Fund (NELFUND).

Naija News understands that the rollout of the scheme is scheduled for next Monday, February 26, 2024.

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, leads the 11-member Special Committee, which includes representatives from various Ministries, Departments, and Agencies as mandated by the Students Loans Act.

Akintunde Sawyerr serves as the acting secretary of the committee.

During the meeting, Cardoso urged committee members to leverage their diverse backgrounds to ensure the success of the program. He emphasized that the initiative is a crucial project of President Bola Tinubu’s administration, aimed at benefiting underprivileged Nigerians.

The scheme’s commencement will be ensured without any obstacles by intensifying the ongoing engagement of various stakeholders, as stated by the committee chairman.

Naija News reports that NELFUND was established following the enactment of the Access to Higher Education Act 2023 (Students Loan Act) by President Tinubu on June 12, 2023.

This Act establishes a legal structure for granting loans to financially disadvantaged or low-income Nigerians to cover their tuition fees.

Additionally, the Act aims to enhance accessibility to higher education for Nigerians.

President Tinubu has since requested the expansion of the scheme to include Nigerians pursuing vocational training.