President Bola Tinubu has directed the Nigeria Education Loan Fund (NELFUND) to expand its interest-free loans to accommodate Nigerian students interested in skill development programs. The directive comes after a briefing from Akintunde Sawyerr, the executive secretary of NELFUND.
Tinubu emphasized the importance of the student loan scheme catering to individuals not necessarily pursuing university education, stating that skill acquisition is as crucial as obtaining academic qualifications. He urged NELFUND to explore opportunities for skill development programs to benefit a diverse range of young Nigerians.
In a statement by presidential spokesperson Ajuri Ngelale, Tinubu emphasized equity and inclusivity in the management of the program, ensuring accessibility to all qualified students, regardless of their economic status.
The President stated, “No matter how economically challenged you are, accredited and qualified students will and must have access to this loan to advance their education in higher institutions.”
NELFUND’s executive secretary, Sawyerr, briefed the President on the technology-driven loan application process, minimizing human interface and eliminating compromises. The funds, earmarked for Nigerian students, will be disbursed directly to institutions through electronic transfer.
Sawyerr assured that NELFUND has implemented a robust risk-mitigation mechanism to address potential risks associated with the program. The student loan scheme is set to commence this month, following the bill’s signing into law by the President in June 2023.
