The Nigerian Education Loan Fund (NELF) has officially announced May 24, 2024, as the date for the opening of the portal for student loan applications. This disclosure came through a statement signed by Nasir Ayantogo, the media lead of the Fund.
Ayantogo highlighted that the opening of the application portal signifies a significant step in President Bola Tinubu’s commitment to fostering accessible and inclusive education for all Nigerian students.
The Access to Higher Education Act, 2023, which Tinubu signed into law on June 12, 2023, paved the way for indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution. This legislation was a fulfilment of one of Tinubu’s campaign promises aimed at liberalizing education funding, as noted by Dele Alake, a member of the then Presidential Strategy Team.
The Act, commonly referred to as the Students Loan Law, also established the Nigerian Education Loan Fund to oversee all loan requests, grants, disbursement, and recovery processes.
Initially scheduled for launch in September, the scheme faced several delays, leading to an indefinite postponement in early March. The Presidency attributed the delay to Tinubu’s directive to expand the scheme to include loans for vocational skills.
The upcoming opening of the application portal represents a pivotal moment in Nigeria’s education sector, aiming to provide financial support to students pursuing higher education across the country.
