President Bola Tinubu has instructed the Nigeria Education Loan Fund (NELFUND) to broaden its focus by extending interest-free loans to Nigerian students interested in skill development programs. The directive came after a briefing from Mr. Akintunde Sawyerr, the Executive Secretary of NELFUND.
President Tinubu emphasized the importance of accommodating students who may choose skill acquisition over traditional university education. He highlighted that skill development is equally vital, stating that the program is not exclusive to those pursuing academic qualifications.
The President stressed the need for equity and inclusivity in managing the program, ensuring that accredited and qualified students, regardless of economic challenges, have access to the loan. He stated, “No matter how economically challenged you are, accredited and qualified students will and must have access to this loan to advance their education in higher institutions.”
Mr. Akintunde Sawyerr outlined that the loan application process would be technology-driven, minimizing human interaction and reducing the possibility of maladministration. He assured that the program is perpetual and will not terminate, with funds disbursed directly to institutions through electronic transfer.
Addressing the funding mechanism, Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), mentioned that funding sources have been made available to ensure the smooth take-off and sustainability of the program. He highlighted the ongoing review of the Education Tax Fund to cater to the needs of university students across all local government areas in the country, covering both vocational and traditional university education.
