The Nigerian government has reported that approximately 30,000 students have applied successfully for its loan scheme within just seven days of the portal’s launch on May 24, 2024.
Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund, made this announcement in Abuja on Thursday during an update on the program. He stated that the 30,000 applicants are currently undergoing evaluation for approval.
Sawyerr also revealed that applications for state higher institutions to apply for the loan will open on June 25, 2024. In addition to providing financial aid to students, NELFUND will launch a comprehensive skills acquisition program in various vocational and technical fields to equip youths with market-relevant skills.
The program aims to prepare students for the modern job market, promote entrepreneurship, and foster innovation among young individuals. While 60,000 people have registered on the platform, only 30,000 have successfully applied for the loan, pending approval. Sawyerr emphasized the importance of addressing the urgent need for financial assistance among students and reiterated the government’s commitment to providing support.
It is worth noting that President Bola Tinubu signed the Access to Higher Education Act, 2023, into law to facilitate financial assistance for Nigerian students.
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