Student Loan: Federal Government Clarifies Delay, Sets March Start Date

The Federal Government has announced that in March, the Nigeria Education Loan Fund (NELFund) portal will open for students who are eligible. Dr. Akintunde Sawyerr, the Executive Secretary of NELFund, shared this news in an interview with the News Agency of Nigeria (NAN) in Abuja, urging eligible students to sign up to access the fund.

President Bola Tinubu signed the Access to Higher Education Bill into law on June 12, 2023. This law is meant to help students in need by providing interest-free loans for their education in any Nigerian tertiary institution.

Originally planned to start between September and October 2023, the scheme was delayed until January due to unexpected issues.

Explaining the delay, Sawyerr mentioned that they are taking time to make sure everything is done right. He emphasized that this program is not rushed, but they want to make sure it’s set up well for the long term.

“We plan to launch the program this month (March). The reason for the delay is to ensure everything is done correctly. We want to implement it well for the long term,” Sawyerr said.

Sawyerr also mentioned President Tinubu’s commitment to making sure lack of money doesn’t stop any Nigerian student from going to university.

The NELFund scheme is designed to support Nigerian students in tertiary institutions who are in need. The application process will be done online.

“We want this process to be fair to everyone, no matter who they are. We will advertise the portal widely so that applicants can go to the website, fill out forms, and answer questions,” Sawyerr explained.

Based on the information given and their answers, the system will determine if applicants are eligible for the loan. The goal is to make the application process clear and accessible to all eligible students across Nigeria.