The Nigerian Education Loan Fund has recently approved an additional 22 state-owned tertiary institutions to apply for student loans, bringing the total number of approved institutions to 108. This decision follows a thorough review by the committee overseeing the Student Verification System. Previously, 86 state-owned institutions had already been cleared, highlighting the government’s commitment to expanding access to education financing. The announcement, made via the official @NELFUND account on X, emphasizes the ongoing efforts to support students in their pursuit of higher education.
President Bola Tinubu’s administration has made the implementation of the student loan scheme a priority within the education sector. This initiative is part of a broader strategy to enhance educational opportunities for indigent and low-income Nigerians. Barely a month after taking office, President Tinubu signed the Access to Higher Education Act, which established a legal framework for providing loans to students in need. This significant legislative move aims to alleviate the financial burdens faced by many families, ensuring that financial constraints do not hinder access to quality education.
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The Nigerian Education Loan Fund, or NELFUND, is tasked with managing all aspects of the student loan process, including applications, grants, disbursements, and loan recovery. According to the provisions of the Access to Higher Education Act, the fund will be supported by multiple funding streams and will engage in various productive activities. This multifaceted approach is designed to ensure the sustainability of the fund while effectively addressing the educational financing needs of students across the country. With these initiatives, the Nigerian government is making strides toward improving educational access and equity for all students.
