The Federal Government has provided an update on the Nigeria Education Loan Fund (NELFund), stating that the portal for eligible students will open in March.
In an interview with the News Agency of Nigeria, Dr. Akintunde Sawyer, the Executive Secretary of NELFund, urged eligible students to register and access the fund.
The Access to Higher Education Bill, signed into law by President Bola Tinubu on June 12, 2023, aims to provide interest-free loans to indigent students pursuing their education in Nigerian tertiary institutions. Originally scheduled to commence between September and October 2023, the scheme faced unforeseen circumstances, leading to a revised timeline of January.
Explaining the reasons for the delay, Sawyer emphasized that the process is technically driven and requires careful implementation. “The take-off date is this month (March), and the reason for the delay is that we are striving for perfection,” he stated. “This is not a political program; it is something we want to run effectively for the long term.”
Sawyer reiterated President Tinubu’s commitment to ensuring that financial constraints do not hinder students from pursuing tertiary education in Nigeria. The scheme is designed to support indigent Nigerian students, and the application process will be conducted online. “We aim for a fair and inclusive process, where all applicants, regardless of their background, can access this scheme,” Sawyer explained.
Applicants will be required to visit the designated portal, where they will fill out forms and answer specific questions. The system will evaluate the provided data and answers to determine eligibility. “Based on their inputs and responses, the system will appropriately assess whether they meet the criteria to apply,” Sawyer added.
Furthermore, the Federal Government has outlined that the recovery process for NELFund beneficiaries will begin two years after the completion of the National Youth Service Scheme, as per the government’s regulations.