On Wednesday, President Bola Tinubu inaugurated the Nigerian Education Loan Fund (NELFund) in a ceremony held at the State House Council Chamber.
The launch was attended by key dignitaries including the leadership of the National Assembly, the Secretary to the Government of the Federation, various ministers, heads of agencies, and the board and management team of NELFund led by Chairman Jim Ovia.
President Tinubu officially launched the NELFund portal and symbolically handed out cheques to students and educational institutions.
The initiative, which received an initial approval of N35 billion from President Tinubu, aims to support the educational pursuits of 70,000 initial applicants.
The MD/CEO of NELFund, Akintunde Sawyerr, announced that the portal has already received over 110,000 loan applications.
This impressive response underscores the high demand for financial support among students across the country.
The Nigerian Education Loan Fund seeks to provide comprehensive financial assistance, covering school fees and stipends, to eligible students nationwide.
With over 1.2 million students expected to benefit from the first phase of the programme, NELFund is set to make a significant impact on the educational landscape of Nigeria.
Jim Ovia, during the inaugural board meeting in Abuja last month, approved the disbursement of loans to successful applicants, marking a critical step towards the operationalization of the fund.
The student loan scheme is part of President Tinubu’s broader agenda to enhance educational opportunities and support the academic ambitions of Nigerian students.