The Nigerian Education Loan Fund (NELF) is set to launch a pilot phase of the student loan program, focusing on applicants from public tertiary institutions.
This initiative encompasses students from federal and state universities, polytechnics, and colleges of education. President Bola Tinubu is expected to appoint a chairperson, a managing director, and two executive directors to lead the executive management team of the fund.
According to Mr. Nasir Ayitogo, the spokesperson for NELF, this development is in line with the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill of 2024, which President Tinubu recently signed into law. The implementation of the scheme will commence once the qualified individuals are appointed to the respective positions as stipulated by the new legislation.
Under the newly enacted law, the loan fund is transformed into a corporate entity with the authority to enter into loan agreements with applicants and take necessary actions to recover loans from beneficiaries. This provision addresses the previous limitations of the fund and strengthens its operational capacity.
Mr. Ayitogo clarified that the pilot scheme will initially cover students in public institutions, including federal and state universities, polytechnics, and colleges of education. Interested individuals who meet the requirements can apply for the loan and receive financial support for their higher education pursuits.
While no specific launch date has been announced for the program, President Tinubu expressed his appreciation to the National Assembly for promptly considering the bill. He emphasized his administration’s commitment to enhancing the skill levels of Nigerian youth, ensuring that quality education and opportunities for personal development are accessible to all citizens, regardless of their socio-economic backgrounds.
The Student Loans (Access to Higher Education) Act was initially signed on June 12, 2023, with the aim of providing interest-free loans to indigent students pursuing higher education in Nigerian tertiary institutions. The legislation established the Nigerian Education Loan Fund as the governing body responsible for processing loan requests, grants, disbursement, and recovery.
The launch of the scheme, initially scheduled for September, experienced delays attributed to President Tinubu’s directive to expand the program to encompass vocational skills training. Recognizing the importance of skill acquisition alongside traditional academic qualifications, the President underscored the inclusive nature of the initiative, catering to the diverse talents and aspirations of Nigerian youth.
The Minister of Education, Professor Tahir Mamman, commended the new law for not only granting access to education but also equipping students with vocational skills essential for their economic empowerment. Lucky Emonefe, the President of the National Association of Nigerian Students, expressed gratitude to President Tinubu for fulfilling his commitment to providing education opportunities through the student loan scheme, ensuring that even underprivileged students can access quality education.
Key figures present at the signing ceremony included the President of the Senate, Godswill Akpabio; Deputy Senate President, Jibrin Barau; the President’s Chief of Staff, Femi Gbajabiamila; Minister of State for Education, Yusuf Sununu; and the Minister of State for Youth Development, Ayodele Olawande.