The Federal Government, via the Nigerian Education Loan Fund (NELFund), announced that the portal for student loan applications will officially open on May 24, 2024. This significant update was made in a statement by Nasir Ayantogo, the media lead for NELFund.
Ayantogo highlighted that the launch of the application portal represents a major step in President Bola Tinubu’s commitment to making education accessible and inclusive for all Nigerian students. The move follows the signing of the Access to Higher Education Act, 2023, by President Tinubu on June 12, 2023. This act aims to provide interest-free loans to indigent students for their education at Nigerian tertiary institutions.
This initiative fulfills one of Tinubu’s campaign promises to liberalize education funding, according to Dele Alake, a member of the then Presidential Strategy Team. The Act, also known as the Students Loan Law, established the Nigerian Education Loan Fund to manage loan requests, grants, disbursements, and recoveries.
Initially, the scheme was set to launch in September but faced several delays, leading to an indefinite postponement in early March. The delay was attributed to President Tinubu’s directive to broaden the scheme to include vocational skills loans.
After a briefing from the NELFund team, led by the Minister of State for Education, Dr. Yusuf Sununu, on January 22, President Tinubu directed that interest-free loans be extended to Nigerian students interested in skill-development programs. Tinubu emphasized the importance of accommodating students who may prefer vocational training over traditional university education, noting that skill acquisition is equally crucial.
“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas. This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation,” Tinubu stated. He instructed NELFund to explore opportunities for incorporating skill-development programs.
The new portal allows students to access loans to pursue their academic goals without financial constraints. The user-friendly interface enables students to submit their loan applications conveniently.
“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation. Students can access the portal on www.nelf.gov.ng to begin the application process,” the statement concluded.
