Nigerian education loan scheme attracts 30,000 applications in first week

The Nigerian government announced that around 30,000 have successfully applied for its student loan scheme within just seven days of the portal’s launch on May 24, 2024.

Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund (NELFUND), shared this update on Thursday in Abuja. He noted that these applications are currently undergoing approval evaluation.

Sawyerr also revealed that starting June 25, 2024, state higher institutions will be able to apply for the loan.

“This scheme is not just about financial assistance; it aims to equip youths with employable skills,” Sawyerr said.

NELFUND is set to launch a comprehensive skills acquisition program in various vocational and technical fields in six months.

“Beyond financial assistance, NELFUND recognizes the importance of equipping our youth with practical, market-relevant skills,” Sawyerr stated. “This program is designed to prepare students for the modern job market, fostering entrepreneurship and innovation among our young people.”

He clarified that while 60,000 students have registered on the platform, only about 30,000 have successfully applied for the loan. No loans have been approved yet as they are still in the evaluation phase.

“The overwhelming response shows the critical need for financial assistance among our students, and we remain committed to addressing this urgent demand,” he added.

The student loan scheme follows President Bola Tinubu’s signing of the Access to Higher Education Act, 2023, designed to provide Nigerian students with financial assistance.