President Bola Tinubu on Wednesday inaugurated the long-awaited student loan scheme in Abuja as part of his administration’s efforts to combat poverty through education.
The Nigerian Education Loan Fund (NELFUND) announced on Wednesday that N32bn out of the N60bn budgeted for the programme is currently available for disbursement to kickstart the programme aimed at providing financial support to Nigerian students pursuing higher education.
During the launch ceremony, President Tinubu reiterated that the scheme aligns with his administration’s commitment to inclusiveness and assured of sufficient funding to sustain the programme.
“Democracy is all about inclusiveness. Our target is to build a society on successful inclusiveness,” Tinubu stated, noting that education is the greatest weapon against poverty.
To symbolise the nationwide impact of the initiative, President Tinubu presented cheques to students representing each of the country’s six geo-political zones.
Mr. Akintunde Sawyer, the Executive Secretary of NELFUND, had said that since the portal opened on May 25, 164,000 students have registered, with 103,000 applying for loans.
Sawyer said the initiative, which became law on April 3, 2024, as the Student Loans (Access to Higher Education) Act, aims to empower Nigerian youths by providing fair, transparent funding and removing financial barriers to educational opportunities.
The launch comes after a series of developments in the education sector.
Two weeks prior, NELFUND reported that 12 additional state-owned tertiary institutions had uploaded their students’ data to the student verification system (SVS), bringing the total number of eligible state-owned institutions to 48 out of 151.
Mr. Lucky Emonefe, President of the National Association of Nigerian Students (NANS), during the launch in Abuja, expressed enthusiasm on behalf of Nigerian students.
“It was first a Bill, then an Act and today the President has launched and disbursed it. We are very proud of this. We as Nigerian students will call it a new dawn in the education sector.
“During the presidential disbursement today, you could see people applying; whatever background you belong to, you can assess the loan.
“It is so transparent, once you apply you will get it, irrespective of your status, your age and your class,” said Emonefe.
He said the loan, as Tinubu said, was a tool to fight poverty.
“And we can say that, yes, Nigerian students now have access to higher education.
“We are proud of this. And this is a good legacy and a good investment in the development of our dear nation.
“We are all excited, it is a new dawn in the education sector and we are very happy,” he added.
After several initial delays, the NELFUND portal went live on May 24, 2024, allowing students from eligible institutions to apply. The scheme will provide interest-free loans to students.