Government Explains Student Loan Delay, Sets New Date

The Federal Government is gearing up to launch the Nigeria Education Loan Fund portal this March, offering eligible students access to financial support for their studies. Dr. Akintunde Sawyer, the Executive Secretary of NELFund, emphasized the importance of eligible students registering to access the fund during an interview with the News Agency of Nigeria in Abuja.

The initiative stems from President Bola Tinubu’s signing of the Access to Higher Education Bill into law on June 12, 2023, aimed at facilitating interest-free loans for indigent students pursuing tertiary education in Nigeria. Initially slated for commencement between September and October 2023, unforeseen circumstances led to a revised start date of January.

Explaining the delay, Sawyer cited the technical nature of the process, emphasizing the need for meticulous execution. He reiterated President Tinubu’s commitment to ensuring financial constraints don’t hinder Nigerian students’ pursuit of higher education. Sawyer highlighted the scheme’s inclusivity and online application process, aiming for fairness and accessibility to all eligible applicants. Additionally, he outlined the repayment schedule, which begins two years after beneficiaries complete the National Youth Service Scheme, as per the government’s plan.