The Federal Government, through the Nigerian Education Loan Fund (NELFund), has announced that the portal for student loan applications will open on May 24, 2024. The announcement was made in a statement by NELFund’s media lead, Nasir Ayantogo.
Ayantogo highlighted that the launch of the application portal represents a significant step in President Bola Tinubu’s commitment to “fostering accessible and inclusive education for all Nigerian students.”
On June 12, 2023, President Tinubu signed the Access to Higher Education Act, 2023 into law. This legislation aims to provide indigent students with interest-free loans for their education in any Nigerian tertiary institution. Dele Alake, a member of the then Presidential Strategy Team, described the move as fulfilling one of Tinubu’s campaign promises to liberalize education funding.
The Act, commonly known as the Students Loan Law, also established the Nigerian Education Loan Fund to handle loan requests, grants, disbursement, and recovery.
Despite an initial plan to launch the scheme in September, several delays pushed the timeline to an indefinite postponement in early March. The Presidency attributed these delays to Tinubu’s directive to expand the scheme to include loans for vocational skills.
On January 22, after a briefing from the NELFund team led by the Minister of State for Education, Dr. Yusuf Sununu, President Tinubu directed the Fund to offer interest-free loans to Nigerian students interested in skill-development programs. Tinubu emphasized the importance of accommodating those who may not pursue a university education, recognizing that skill acquisition is equally vital as academic qualifications.
Tinubu stated, “This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas. This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation. In accordance with this, I have instructed NELFund to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education.”
The portal will provide students with the opportunity to access loans to pursue their academic and vocational aspirations without financial constraints. Ayantogo encouraged all eligible students to take advantage of this initiative, noting that it offers a user-friendly interface for convenient loan application submission.
“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation. Students can access the portal on www.nelf.gov.ng to begin their applications, Ayantogo said.