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The Nigerian Education Loan Fund has announced that the portal for student loan applications will open on May 24, 2024. This marks a significant milestone in President Bola Tinubu’s commitment to accessible and inclusive education for all Nigerian students.
The Access to Higher Education Act, 2023, signed into law by President Tinubu on June 12, 2023, enables indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution. The Act established the Nigerian Education Loan Fund to process loan requests, grants, disbursement, and recovery.
Initially scheduled to launch in September, the scheme faced delays and was indefinitely postponed in early March. However, President Tinubu directed the expansion of the scheme to include loans for vocational skills, leading to the extension of interest-free loans to Nigerian students interested in skill-development programs.
The application portal opening on May 24, 2024, is a significant step towards fulfilling President Tinubu’s campaign promise to liberalize funding for education, making higher education more accessible and inclusive for all Nigerian students.
“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.
“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.
“In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” he had said.
Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.
The portal, according to the statement, provides a user-friendly interface for students to submit their loan applications conveniently.
“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 can access the portal on www.nelf.gov.ng to begin application,” the statement said.