The Federal Government, through the Nigerian Education Loan Fund, stated on Thursday that May 24, 2024, will be the official date for “the opening of the portal for student loan applications.” Nasir Ayantogo, the NELFund’s media head, announced the news in a statement.
Ayantogo stated in the statement that the inauguration of the application site was a key milestone in President Bola Tinubu’s aim to “fostering accessible and inclusive education for all Nigerian students.”
Tinubu signed the Access to Higher study Act, 2023 into law on June 12, 2023, allowing impoverished students to get interest-free loans to further their study at any Nigerian postsecondary institution.
The move was in “fulfillment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.The Act, also known as the Students Loan Law, created the Nigerian Education Loan Fund, which handles all loan requests, awards, payout, and recovery.
Although the government first claimed that the plan would debut in September, multiple delays resulted in an indefinite suspension in early March. The Presidency attributed the delay to Tinubu’s request to broaden the initiative to include loans for vocational training.
On January 22, after hearing a briefing from the NELFund team led by Minister of State for Education Dr Yusuf Sununu, the President instructed the Fund to provide interest-free loans to Nigerian students pursuing skill-development programs.
Tinubu based his decision on the need for the scheme to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.
“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.
“In accordance with this, I have instructed NELFund to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” he had said.
Through the portal, students can now access loans to pursue their academic aspirations without financial constraints. The portal, according to the statement, provides a user-friendly interface for 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 application,” the statement said.
