The Federal Government has extended its student loan scheme to state tertiary institutions across Nigeria. Dr. Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND), announced this in Abuja on Thursday, stating that students from state institutions can apply for the loan when the second phase begins on June 25.
According to regulatory agency data, 336 state tertiary institutions, including universities, colleges of education, and technical colleges, will benefit from the scheme. Currently, 60,000 students from federal institutions have registered on the loan application portal, which opened on May 24.
During a press conference, Sawyerr requested that state institutions submit their students’ data promptly to ensure a smooth application process. He also revealed plans to launch a skills acquisition loan component in six months to equip students with practical, market-relevant skills.
The loan scheme, signed into law by President Bola Tinubu on June 12, 2023, aims to provide interest-free loans to indigent students for tuition, fees, and upkeep. The law also removes the family income threshold, allowing all eligible students to apply for loans and accept repayment responsibility.
NELFUND has received 60,000 registrations so far, with 30,000 students successfully completing the application process. Sawyerr emphasized that the evaluation phase is ongoing and no loans have been approved yet.
The new law expands the loan scheme to include vocational skills training, ensuring that students interested in skill development programs can also benefit. President Tinubu highlighted the importance of making education accessible to all Nigerians, regardless of their background.
Students in federal tertiary institutions are encouraged to visit the NELFUND website, www.nelf.gov.ng, to apply for the loans. The application requirements include an admission letter from the Joint Admission and Matriculation Board, National Identity Number, Bank Verification Number, and completed application forms from the website.
