The Federal Government, through the Nigerian Education Loan Fund, announced on Thursday night that May 24, 2024, is the official date for “the opening of a portal for student loan applications,” as per a statement by the Fund’s media lead, Nasir Ayantogo.
Ayantogo stated that this marks a significant milestone in President Bola Tinubu’s commitment to “promoting accessible and inclusive education for all Nigerian students.”
On June 12, 2023, Tinubu signed the Access to Higher Education Act, 2023, into law, allowing indigent students to access interest-free loans for their studies at any Nigerian tertiary institution.
This move fulfilled one of his campaign promises to liberalize education funding, according to Dele Alake, a former member of the Presidential Strategy Team.
The Act, known as the Students Loan Law, also established the Nigerian Education Loan Fund to handle all loan requests, grants, disbursements, and recoveries.
Initially, the government announced that the scheme would launch in September, but delays led to an indefinite postponement in early March.
The Presidency attributed the delay to Tinubu’s directive to expand the scheme to include loans for vocational skills.
After a briefing from the NELFUND team led by the Minister of State for Education, Dr. Yusuf Sununu, on January 22, the President directed the Fund to extend interest-free loans to students interested in skill-development programs.
Tinubu emphasized the need to accommodate those who may not pursue university education, noting that skill acquisition is as crucial as obtaining academic qualifications.
“This program is not exclusive. It caters to all young people, whether they want to be doctors, lawyers, or skilled professionals building our nation.
“In line with this, I have instructed NELFUND to include skill-development programs because not everyone wants a full university education,” he said.
Through the portal, students can now access loans to pursue their academic goals without financial constraints.
The portal provides a user-friendly interface for students to submit their loan applications easily.
“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to our nation’s growth.
“Students can access the portal at http://www.nelf.gov.ng to begin their applications,” the statement said.
