‘Student Loan Applications Hit 6000 In Seven Days’, Says NELFUND

The Nigerian education loan fund said it has had over 9.5 million visits, with over 6000 applications for loans from students in federal tertiary institutions since it opened its portal last Friday.Managing Director of the fund, Akintunde Sawyerr while briefing the press at a post-application launch conference on Thursday, said over 90 per cent of federal tertiary institutions have submitted the data of their students with about five institutions remaining.

On June 12, 2023, President Bola Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.The move was in “fulfilment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.

The Presidency had linked the delay to Tinubu’s directive to expand the scheme to include loans for vocational skills.After receiving 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 Nigerian students interested in skill-development programmes.

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