30,000 successfully registered for student loan – NELFund reports

A total of 30,000 students have successfully registered for the student loan scheme.

 

Similarly, over 60,000 individuals have registered on the website of the fund.

 

The Managing Director of the Nigerian Education Loan Fund, Akintunde Sawyerr, made this known in a press briefing in Abuja on Thursday.

 

On June 12, 2023, 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 “fulfillment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.

 

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.

 

Although the government initially announced that the scheme would be launched in September, it suffered several delays leading to an indefinite postponement in early March.

 

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 had directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.