Tinubu Launches NELFUND Student Loan Scheme In Nigeria With N32 Billion

Tinubu Launches NELFUND Student Loan Scheme In Nigeria With N32 Billion

President Bola Tinubu has officially launched the significant educational initiative known as the Nigerian Education Loan Fund (NELFUND).

With an initial investment of N32 billion, this fund aims to support Nigerian students by providing necessary financial assistance to pursue their education.

President Tinubu highlighted the essential role of education in combating poverty and fostering national development, emphasizing that a well-educated population is crucial for addressing various societal challenges, including insecurity and terrorism.

Student Loan In Nigeria

President Tinubu, during the official launch event at the State House in Abuja on July 17, stressed the pivotal role education plays in a nation’s progress.

He described education as the greatest weapon against poverty, offering vision, development, and hope. Without education, he argued, it is impossible to overcome challenges such as insecurity and achieve true success.

The President said that education provides the necessary light at the end of the tunnel, even if progress seems slow at times.

Commitment to the Renewed Hope Agenda

Addressing the NELFUND Board members and management, President Tinubu reaffirmed his administration’s dedication to the Renewed Hope Agenda.

This agenda emphasizes inclusiveness, aiming to build a fair society where everyone has the opportunity to succeed.

Tinubu noted that democracy is about inclusiveness, and education is a key element in achieving this goal.

Investment in Education

President Tinubu emphasized that Nigeria will continue to invest in education as a tool to empower its citizens. By prioritizing education, the country aims to combat terrorism, banditry, and insecurity. The President highlighted the importance of investing in education from the foundational level to the highest levels, rejecting ignorance as an alternative.

Fulfilling Campaign Promises

The launch of NELFUND also marks the fulfillment of one of President Tinubu’s major campaign promises. He emphasized that without proper education, it is impossible to navigate life’s challenges or fight issues like terrorism and banditry effectively. The introduction of this loan fund aims to create a fair society where people can invest in their own lives and future.

Disbursement of Funds

At the launch, President Tinubu handed out loan cheques to students from all regions of the country, marking the start of the fund’s distribution.

Additionally, cheques were presented to Vice Chancellors of institutions such as Bayero University, Kano (BUK) and the Federal University of Technology, Owerri (FUTO).

NELFUND Portal Metrics

The Executive Secretary of NELFUND, Akintunde Sawyerr shared important updates on the fund’s progress and how things are shaping up.

Since May 25, a total of 164,000 students registered for the loan, with 103,000 of them completing the application process.

He said that right now there’s N32 billion ready to be distributed to get the program off the ground.

Benefits of NELFUND Student loan

NELFUND’s goal is to lift up Nigerian youth by offering clear and fair financial support, breaking down the money barriers that stand in the way of education.

Sawyerr highlighted the fund’s progress, noting key amendments to the loan act and the establishment of dashboard metrics. The Presidential disbursement of funds on July 17, 2024, marked a significant milestone for the program.

The program aims to provide Nigeria with better leadership in the future and improve the socio-economic situation of the country.

Sawyerr noted that about 110,000 students have successfully applied and verified their eligibility. Further verification will ensure that only well-qualified students receive the loans.

Types of Loans

Through NELFUND, students have the option to apply for two different types of loans.

The first type covers educational fees, which are sent directly to institutions.

The second type is an upkeep loan, providing students with a monthly stipend.

Sawyerr explained that institutions receive cheques for multiple applications, and students must have their fees covered by NELFUND to receive their stipend.

Verification and Beneficiaries

Sawyerr outlined the verification process for applicants. So far, 170,000 students from universities, polytechnics, and colleges of education have signed up with NELFUND, and 110,000 of them have finished the application process.

The beneficiaries include institutions that receive payments on behalf of students and the students themselves, who will receive monthly stipends.

Requirements for Applicants

Applicants must meet several requirements, including having Joint Admissions and Matriculation Board (JAMB) numbers, matriculation numbers, Bank Verification Numbers (BVN), and National Identification Numbers (NIN).

The current exposure to students is about N35 billion, with additional funding available for disbursement. NELFUND receives 1% of Federal Inland Revenue Service taxes and can also receive funding from other sources.

How to Apply

If you’re interested in applying for the NELFUND student loan scheme in Nigeria, please read our previous report for detailed instructions on how to proceed.

Conclusion

The launch of the Nigerian Education Loan Fund (NELFUND) marks a significant step towards improving access to education in Nigeria.

With a substantial investment and a commitment to inclusiveness, President Tinubu’s administration aims to empower the country’s youth, combat poverty, and address societal challenges through education.

The NELFUND initiative promises to create a brighter future for Nigeria by ensuring that financial barriers do not hinder educational opportunities for deserving students.

Leave a Comment