The Nigerian government has taken a significant step forward in making higher education more accessible to all citizens by setting May 24, 2024, as the official date for opening the student loan application portal. This initiative is part of a broader push to support students financially so they can pursue higher education without economic barriers.
The announcement was made by Nasir Ayantogo, the media lead for the Nigerian Education Loan Fund (NELFund), highlighting a crucial phase in President Bola Tinubu’s effort to provide inclusive educational opportunities across the country. This move aligns with the President’s vision as outlined during his campaign, aiming to make educational funding more liberal and accessible.
On June 12, 2023, President Tinubu had enacted the Access to Higher Education Act, 2023, which is designed to assist financially disadvantaged students by offering them interest-free loans. These loans can be used at any Nigerian tertiary institution, significantly easing the burden on students striving for higher education.
The law, commonly referred to as the Students Loan Law, established the NELFund specifically to handle the processing, granting, disbursement, and recovery of student loans. Originally, the government planned to launch this scheme in September following the law’s enactment, but it faced numerous setbacks that led to a postponement earlier in March.
The delay was primarily due to President Tinubu’s directive to broaden the scheme’s scope to include loans for vocational training, in addition to traditional academic degrees. After consultations with Dr. Yusuf Sununu, the Minister of State for Education, and the NELFund team, this expansion aimed to cater to students interested in acquiring vocational skills, acknowledging that not everyone wishes to pursue university degrees.
President Tinubu emphasized the importance of accommodating various educational pursuits, stating, “This is not an exclusive program. It is catering to all of our young people, whether they want to be doctors, lawyers, accountants, or skilled craftsmen who will build our nation.”
The newly launched portal offers a streamlined, user-friendly interface for submitting loan applications, marking a critical milestone in the government’s commitment to education. It is designed to be intuitive, allowing students to easily navigate through the process of requesting financial support for their studies.
Ayantogo encouraged all eligible students to use this opportunity to invest in their futures by applying for the loans. “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 who wish to apply can visit the portal at www.nelf.gov.ng,” he stated.
