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FG Announces Date To Open Portal For Student Loan Application
The Nigerian Education Loan Fund declared on Thursday night that May 24, 2024, will be the official commencement date for student loan applications.
This announcement was made by Nasir Ayantogo, the Fund’s media lead. Ayantogo emphasized that the opening of the application portal is a significant step towards President Bola Tinubu’s commitment to providing accessible and inclusive education for all Nigerian students.
On June 12, 2023, Tinubu signed the Access to Higher Education Act, 2023, into law, enabling financially disadvantaged students to obtain interest-free loans for their tertiary education in Nigerian institutions.
This action was taken to fulfill one of Tinubu’s campaign promises to enhance the funding of education.
The Students Loan Law, also known as the Act, established the Nigerian Education Loan Fund to handle all loan requests, grants, disbursement, and recovery.
Initially scheduled for launch in September, the scheme faced multiple delays, resulting in an indefinite postponement in early March. The delay was attributed to Tinubu’s directive to expand the program to include loans for vocational skills.
On January 22, after receiving a briefing from the NELFUND team led by the Minister of State for Education, Dr Yusuf Sununu, the President directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.
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.
