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As previously clarified, the loan scheme applies to Nigerian students in public tertiary institutions. The fundamental aim of the fund is to ensure educational equity, providing an opportunity for financially disadvantaged students to start and complete their studies, just like their counterparts from more affluent backgrounds.
In simpler terms, NELFUND’s primary responsibility is to administer loans to students in tertiary and monotechnic institutions, manage the funds entrusted to it, and invest them in worthwhile ventures to generate higher returns in the future. A parent who can afford tuition fees of one million naira or more is not in the same circumstance as someone who struggles to make a living and educates his/her child through the public education system. Similarly, while a student in a high-end private university may graduate quickly, his/her peers in public universities may face various challenges, including financial difficulties.
Another issue is whether inmates are eligible to apply for the loans. According to the NELFUND Act 2024, individuals convicted of a crime do not qualify for the loans.