The website of the Nigerian Education Loan Fund has garnered over 60,000 visitors since its launch, according to Akintunde Sawyerr, Managing Director of the fund.
During a press briefing in Abuja on Thursday, May 30, 2024, Sawyerr revealed that more than 90% of federal institutions have submitted their list of students, with only two federal universities and two federal polytechnics yet to comply.
He further noted that the loan scheme would be extended to students of state universities within the next three weeks. This development follows President Bola Tinubu’s signing of the Access to Higher Education Act, 2023, on June 12, 2023. The Act enables indigent students to access interest-free loans for their education at any Nigerian tertiary institution.
“The move was in fulfillment of one of his campaign promises to liberalize funding of education,” stated Dele Alake, a member of the Presidential Strategy Team.
The Students Loan Law, as the Act is popularly known, also established the Nigerian Education Loan Fund to handle all aspects of loan processing, including requests, grants, disbursements, and recoveries. Initially set for a September launch, the scheme faced delays, leading to an indefinite postponement in early March.
The delay was attributed to President Tinubu’s directive to broaden the scheme to include loans for vocational skills. After a briefing from the NELFUND team, led by Minister of State for Education Dr. Yusuf Sununu, on January 22, the President directed the fund to extend interest-free loans to Nigerian students pursuing skill-development programs. Tinubu emphasized the importance of accommodating those interested in skill acquisition, recognizing its equal importance to traditional academic qualifications.
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