The Nigerian Federal Government has declared May 24, 2024, as the day the student loan application portal will go live.
This announcement, made by Nasir Ayantogo, the media spokesperson for the Nigerian Education Loan Fund (NELFund), signifies a pivotal step in President Bola Tinubu’s pledge to make education more accessible and inclusive for all students in Nigeria.
The Access to Higher Education Act, 2023, which was signed into law by President Tinubu on June 12, 2023, is designed to provide interest-free loans to financially challenged students seeking higher education in Nigerian tertiary institutions.
This act is a realization of President Tinubu’s electoral promise to make educational funding more liberal.
Known as the Students Loan Law, this legislation also brings into existence the Nigerian Education Loan Fund, tasked with managing the entire lifecycle of student loans, from application to repayment.
Initially slated for a September launch, the program experienced delays, leading to a suspension in early March.
The postponement was attributed to President Tinubu’s directive to broaden the scope of the scheme to encompass vocational training loans.
Following a comprehensive update from the NELFund team, headed by Education Minister Dr. Yusuf Sununu on January 22, President Tinubu instructed the expansion of the fund to offer interest-free loans to students pursuing vocational skills.
This decision reflects the administration’s recognition of the importance of vocational skills alongside traditional undergraduate and graduate degrees.
“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.
