Student Loan: Nigerian govt gives update on scheme, gets 30,000 successful applicants

The Federal Government has disclosed that about 30,000 Nigerian students have successfully applied for its loan scheme just seven days the portal was launched.

This was disclosed in Abuja on Thursday by the Managing Director of the Nigerian Education Loan Fund, Akintunde Sawyerr, while giving an update on the scheme.

Note that the portal was launched on 24th May, 2024.

According to Sawyerr, the about 30,000 students who have successfully applied are currently undergoing approval evaluation.

For state higher education schools to apply for the loan, the MD said that the process will begin on June 25, 2024.

He said that the programme does more than just give money to students; it also gives young people skills that can help them get jobs.

He announced that NELFUND will commence a launch of comprehensive skills acquisition skills in various vocational and technical fields.

“Beyond financial assistance, NELFUND recognizes the profound importance of equipping our youth with practical, market-relevant skills.

“Six months from today, we will launch a comprehensive skills acquisition program, providing training in various vocational and technical fields.

“This program is designed to prepare students to meet the demands of the modern job market, fostering entrepreneurship and innovation among our young people.

“Sixty thousand are those who have registered on the platform. About 30,000 have successfully applied for the loan but that does not mean the 30,000 have been approved. Up until this point, nobody has been given the loan. Now is the time for evaluation.

“The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand,” he said.

Recall that President Bola Tinubu signed the Access to Higher Education Act, 2023, into law to provide Nigerian students with financial assistance.