In a significant move aimed at bolstering access to higher education, President Bola Tinubu inaugurated the Nigerian Education Loan Fund (NELFund) during a ceremony held at the State House council chamber on Wednesday. The launch event drew key figures including leaders of the National Assembly, ministers, and other dignitaries.
The NELFund initiative, spearheaded by President Tinubu, marks a pivotal step towards providing financial support to students across Nigeria. The program, backed by an initial ₦35 billion allocation, aims to cater to the educational needs of 70,000 students in its first phase.
During the ceremony, President Tinubu unveiled an online portal through which students can apply for loans covering tuition fees and living expenses. Symbolic cheques were presented to both individual students and educational institutions, symbolizing the start of financial assistance under the scheme.
“The Nigerian Education Loan Fund is a testament to our commitment to empower the youth through education,” remarked President Tinubu during his address at the launch. The fund is expected to alleviate the financial burden on students and enable them to pursue higher education without undue financial constraints.
Managing Director and CEO of NELFund, Akintunde Sawyerr, disclosed that the portal has already garnered a staggering 110,000 loan applications since its soft launch. “This overwhelming response underscores the pressing need for accessible educational financing in our country,” Sawyerr stated.
The board of NELFund, chaired by renowned banker Jim Ovia, recently convened in Abuja to finalize the framework for loan disbursements. The board’s decisions during this session paved the way for the commencement of financial support to successful applicants.
In addition to tuition coverage, the student loan program includes provisions for stipends and other educational essentials, aiming to benefit over 1.2 million students in subsequent phases.
President Tinubu expressed confidence that NELFund will play a pivotal role in transforming Nigeria’s educational landscape, fostering a generation of skilled professionals capable of driving national development initiatives.
The launch of NELFund signals a proactive approach by the administration to address educational financing gaps, reflecting a broader commitment to advancing youth empowerment and national prosperity through education.
