The website of the student loan fund has received over 60,000 visitors since its launch, according to Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund, during a press briefing in Abuja on Thursday.
Sawyerr reported that over 90% of federal institutions have submitted their student lists, with only two federal universities and two federal polytechnics yet to do so. He also mentioned that the scheme would be available to students of state universities within the next three weeks.
On June 12, 2023, President Bola Tinubu signed the Access to Higher Education Act, 2023 into law, enabling indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution. This move was part of Tinubu’s campaign promise to liberalize education funding, as noted by Dele Alake, a member of the former Presidential Strategy Team.
The Act, known as the Students Loan Law, established the Nigerian Education Loan Fund to handle all loan requests, grants, disbursements, and recovery. Although the government initially announced a September launch, the scheme faced delays, leading to an indefinite postponement in early March.
The delay was attributed to Tinubu’s directive to expand the scheme to include loans for vocational skills. Following 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 importance of accommodating those pursuing vocational skills, highlighting that skill acquisition is as vital as obtaining academic qualifications.
