FG extends student loan scheme to State-owned Institutions

The Federal Government has announced that the student loan scheme will extend to state-owned tertiary institutions in its second rollout.

This clarification was provided by Nasir Ayitogo, the media spokesperson for the Nigerian Education Loan Fund (NELFUND), in a statement on Tuesday.

Ayitogo addressed misconceptions circulating on social media, which suggested that the student loan programme was exclusive to federal institutions. He emphasized that while the scheme’s pilot phase will indeed be limited to federal tertiary institutions, a subsequent phase will soon extend eligibility to students at state institutions.

“NELFUND categorically states that this information is incorrect,” Ayitogo clarified.

“The programme is designed to roll out in phases to ensure effective and efficient management. NELFUND is fully committed to providing financial support to all eligible students, regardless of whether they attend federal or state tertiary public institutions.”

The student loan policy, initially enacted by President Bola Tinubu in June 2023, aims to provide interest-free loans to students. Although the scheme was initially set to commence in October 2023, its implementation faced several delays, leading to a re-enactment in April 2024.

NELFUND has now scheduled the opening of the loan application and issuance portal for May 24. During a pre-application sensitization event in Abuja last week, it was reiterated that the scheme’s pilot phase would be restricted to federal institutions.

However, the forthcoming second phase will broaden access to include state-owned institutions, ensuring a wider reach of financial support for Nigerian students.

This phased approach is intended to manage the programme effectively and ensure all eligible students receive the necessary financial assistance, reflecting the government’s commitment to enhancing educational opportunities across the country.