The Nigerian Education Loan Fund (NELF) has announced plans to kickstart a pilot phase of the student loan scheme, targeting applicants from public tertiary institutions, including federal and state universities, polytechnics, and colleges of education.
This decision, disclosed by NELF’s spokesperson, Mr. Nasir Ayitogo, follows the signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, by President Bola Tinubu. The bill aims to establish NELF as a corporate body responsible for managing funds and providing loans for higher education, vocational training, and skills acquisition.
Ayitogo emphasized that President Tinubu is expected to appoint a chairperson, a managing director, and two executive directors to oversee NELF’s operations before the scheme’s launch.
The newly signed legislation authorizes the appointment of key officials, including a chairperson, managing director, and executive directors of finance and operations. These appointees will serve a five-year term and play essential roles in implementing the student loan scheme.
Under the new law, NELF gains the authority to enter into contracts and loan agreements with applicants and enforce loan recovery from beneficiaries, significantly enhancing its operational capabilities.
Ayitogo clarified that the pilot scheme would initially focus on students enrolled in public institutions, with federal and state universities, polytechnics, and colleges of education being the primary beneficiaries.
While no specific launch date has been set for the program, President Tinubu expressed his commitment to expanding educational opportunities for Nigerian youth. He thanked the National Assembly for their swift consideration of the bill, emphasizing education as a vital tool for poverty alleviation and national development.
Tinubu’s administration has prioritized education and skills development initiatives, aiming to ensure that all Nigerians have access to quality education and vocational training opportunities. The student loan scheme represents a significant step towards achieving this goal, providing financial support to students pursuing higher education and vocational skills acquisition.
The signing ceremony, attended by key stakeholders, including members of the National Assembly and education ministers, underscores the government’s commitment to enhancing educational access and affordability for all Nigerians.
