Federal Government Announces March Opening for Nigeria Education Loan Fund

By: Emmanuel Ibitoye

The Federal Government of Nigeria has revealed that the Nigeria Education Loan Fund (NELFund) portal will officially open in March for eligible students. Dr. Akintunde Sawyerr, the Executive Secretary of NELFund, confirmed this in an interview, urging eligible students to register to access the fund. The initiative, signed into law by President Bola Tinubu on June 12, 2023, through the Access to Higher Education Bill, aims to provide interest-free loans to indigent students pursuing tertiary education in Nigerian institutions.

Initially slated to commence between September and October 2023, the implementation faced delays due to technical considerations, prompting a revised timeline to January. Explaining the reasons for the delay, Sawyerr emphasized the need for a meticulous and technically sound process to ensure the program’s long-term success. He highlighted the non-political nature of the initiative, underscoring the commitment to its effectiveness and sustainability beyond the current administration.

Sawyerr reiterated President Tinubu’s dedication to eliminating financial barriers hindering students from pursuing higher education in Nigeria. The loan scheme targets indigent students in tertiary institutions, and the application process will be conducted online. The executive secretary outlined the commitment to fairness, emphasizing that applicants from all backgrounds should have equal access. The portal will be widely advertised, allowing applicants to fill out forms and answer specific questions online. The system will then assess eligibility based on the provided data and responses, ensuring a transparent and inclusive process.