Increased Interest in FG’s Student Loan Scheme
Since its launch, the FG’s student loan scheme website has attracted over 60,000 visitors, according to Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND). During a press briefing in Abuja on Thursday, he also mentioned that over 90% of federal institutions have submitted their student lists, with only two federal universities and two federal polytechnics yet to comply.
Expansion to State Universities
Sawyerr announced that the scheme would extend to students of state universities within the next three weeks. This follows President Bola Tinubu’s signing of the Access to Higher Education Act, 2023, which aims to provide indigent students with interest-free loans for their education at any Nigerian tertiary institution.
Fulfillment of Campaign Promise
By liberalising the funding of education, President Tinubu fulfilled one of his campaign promises. Consequently, the Students Loan Law, which established the Nigerian Education Loan Fund, ensures all loan requests, grants, disbursements, and recoveries are processed efficiently. As a result, this law has already seen over 3,700 students from 126 institutions register for the loan.
Addressing Initial Delays
The government initially planned to launch the scheme in September, but it faced several delays, leading to an indefinite postponement in March. The delays occurred due to President Tinubu’s directive to expand the scheme to include vocational skills loans, reflecting a broader commitment to inclusive education.
Inclusion of Vocational Skills
In January, after a briefing from the NELFUND team, President Tinubu directed that the loan scheme should also support Nigerian students interested in skill development programmes. This decision underscores the importance of accommodating those who may not pursue a university education, recognising that skill acquisition is as vital as academic qualifications.
Commitment to Educational Funding
The expansion of the loan scheme demonstrates the government’s commitment to providing fair educational opportunities for all Nigerians. By ensuring that state university students benefit from the scheme, the government continues to prioritise education funding as a critical component of national development.
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