ABUJA – The new Nigerian Education Loan Fund (NELFUND) has successfully registered over 30,000 students for its interest-free student loan program, the organization’s Managing Director Akintunde Sawyerr announced on Thursday.
Additionally, the NELFUND website has seen more than 60,000 individuals register since the program’s launch.
The student loan initiative was established through the Access to Higher Education Act signed into law by President Bola Tinubu on June 12, 2023. The legislation aims to provide financial assistance to underprivileged Nigerian students pursuing tertiary education or vocational skills training.
“This is a fulfillment of one of the President’s campaign promises to make education more accessible by liberalizing funding options,” said Dele Alake, a member of the former Presidential Strategy Team.
Though the government had initially planned to roll out the scheme in September 2023, the launch was delayed to allow for an expansion of the program to include vocational skills loans, as per President Tinubu’s directive.
After receiving an update from the NELFUND team and the Minister of State for Education in January, the President ordered the fund to extend interest-free financing to students interested in skills-based education and training programs.
The strong initial registrations suggest robust demand for the new student loan initiative across Nigeria.
