The Federal Government, through the Nigerian Education Loan Fund, on Thursday, announced May 24, 2024, as the official date for “the opening of the portal for student loan applications.”
The media lead for the NELFund, Nasir Ayantogo, announced this in a statement.
In the release, Ayantogo stated that President Bola Tinubu’s commitment to “fostering accessible and inclusive education for all Nigerian students” has reached a key milestone with the launch of the application platform.
The Access to Higher Education Act, 2023 was signed into law by Tinubu on June 12, 2023, allowing impoverished interest-free student loans for Nigerian students’ pursuant of academic endeavours at any Nigerian postsecondary institution.
According to Dele Alake, a member of the Presidential Strategy Team at the time, the action was taken in “fulfilment of one of his campaign promises to liberalise funding of education.”
The Nigerian Education Loan Fund was also formed under the Act, commonly referred to as the Student Loan Law, to handle all loan requests, grants, disbursements, and recovery.
Despite the government’s initial announcement that the programme would begin in September, multiple setbacks resulted in an indefinite postponement at the beginning of March.
The Presidency cited the Tinubu mandate to broaden the programme to include loans for vocational skills as the reason for the delay.
On January 22, following a briefing by the NELFund team, which was headed by Dr. Yusuf Sununu, the Minister of State for Education, the President had instructed the Fund to offer interest-free loans to Nigerian students who were interested in skill-development programmes.
Based on the need for the programme to accommodate individuals who might not wish to pursue a university education, Tinubu made his decision, emphasising that developing one’s skills is just as important as earning 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.
Students can now acquire loans through the platform, enabling them to pursue their academic goals without financial limitations.
The statement claims that the portal offers a quick and user-friendly interface for students to submit their loan applications.
“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.
