Connect with us

Nigeria News

State Varsity Students To Benefit From FG’s Loan Scheme

Published

on

at

Transforming Nigeria's Student Loan Framework For Better Access

The Nigerian Education Loan Fund (NELFUND) website has garnered significant attention, with over 60,000 visitors since its launch, according to the fund’s Managing Director, Akintunde Sawyerr.

During a press briefing in Abuja on Thursday, Sawyerr highlighted the enthusiastic response to the initiative aimed at facilitating access to higher education through interest-free loans.

Sawyerr also reported that more than 90% of federal educational institutions have already submitted lists of eligible students for the loan scheme.

However, two federal universities and two federal polytechnics are yet to comply. He assured that measures are being taken to ensure full participation across all institutions.

Advertisement

Sawyerr announced plans to extend the loan scheme to students of state universities within the next three weeks, expanding the reach of the program significantly.

This move is in line with the government’s commitment to making higher education more accessible to students across Nigeria, regardless of their financial background.

The loan scheme was officially inaugurated following President Bola Tinubu’s signing of the Access to Higher Education Act, 2023, on June 12, 2023.

Advertisement

This act not only aims to assist indigent students but also fulfils a key campaign promise by President Tinubu to liberalize education funding in Nigeria.

The Student Loan Law, under which the scheme operates, facilitates the processing of loan applications, disbursements, and recoveries through NELFUND.

Initially set for a launch in September, the scheme experienced delays due to enhancements directed by President Tinubu, including the inclusion of loans for vocational skills to broaden the program’s scope.

Advertisement
Advertisement

Following a comprehensive review by the NELFUND team and the Minister of State for Education, Dr. Yusuf Sununu, the scheme now also supports students interested in acquiring vocational skills alongside traditional academic programs.

President Tinubu emphasized the importance of skill acquisition, stating it is as crucial as obtaining formal university education.

is an Associate at Naija News. He is a news media enthusiast, he holds a degree in psychology and loves exploring and sharing about the enormous power that lies in the human mind. Email: [email protected], Instagram: adeniyidman