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FG opens student loan application portal May 24

The Federal Government, through the Nigerian Education Loan Fund, on Thursday, announced May 24, 2024, as the official date for “the opening of the portal for student loan applications.”

The announcement was made in a statement by the media lead for the NELFund,  Nasir Ayantogo.

Ayantogo, in the statement, said the opening of the application portal marked a significant milestone in the commitment of President Bola Tinubu to “fostering accessible and inclusive education for all Nigerian students.”

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 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.

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Naija Times