The Nigerian Education Loan Fund (NELFUND) announced the upcoming launch of a pilot scheme offering student loans to applicants from public universities, polytechnics, and colleges of education.
This pilot program comes after President Bola Tinubu signed into law the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024. The new legislation establishes a formal management structure for NELFUND, including a Chairperson, Managing Director, and two Executive Directors.
Previously signed Access to Higher Education Act, 2023, aimed to provide interest-free loans to students in all Nigerian tertiary institutions, but faced delays. The revised Act incorporates President Tinubu’s directive to expand the program to include loans for vocational skills acquisition.
While a launch date for the pilot scheme hasn’t been announced, officials are awaiting the President’s appointment of the new management team for NELFUND.
The initiative aims to address financial barriers to education and equip young Nigerians with essential skills for the workforce, regardless of their background or chosen path – university studies or vocational training.