Nigerian government says about 30,000 students have successfully applied for its loan scheme barely seven days after the portal was launched on 24th May, 2024.
Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund, disclosed this in Abuja on Thursday while giving an update on the scheme.
Sawyerr explained that the about 30,000 students who have successfully applied are currently undergoing approval evaluation.
The MD revealed that applications will be opened for state higher institutions to apply for the loan on 25th June 2024.
According to him, the scheme goes beyond providing financial assistance to students to equipping youths with employable skills.
He announced that NELFUND will commence a launch of comprehensive skills acquisition skills in various vocational and technical fields.
“Beyond financial assistance, NELFUND recognizes the profound importance of equipping our youth with practical, market-relevant skills.
“Six months from today, we will launch a comprehensive skills acquisition program, providing training in various vocational and technical fields.
“This program is designed to prepare students to meet the demands of the modern job market, fostering entrepreneurship and innovation among our young people.
“Sixty thousand are those who have registered on the platform. About 30,000 have successfully applied for the loan but that does not mean the 30,000 have been approved. Up until this point, nobody has been given the loan. Now is the time for evaluation.
“The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand,” he said.
Recall that President Bola Tinubu signed the Access to Higher Education Act, 2023, into law to provide Nigerian students with financial assistance.