TECHNICAL INSTITUTION STUDENTS TO ACCESS FEDERAL EDUCATION LOAN

 

President Bola Tinubu has instructed the Nigeria Education Loan Fund (NELFUND) to extend interest-free loans to Nigerian students pursuing skill development programs.

This directive, revealed on Monday, January 22, 2024, signifies a significant shift in focus to accommodate those opting for avenues beyond traditional university education.

Presidential spokesperson Ajuri Ngelale confirmed that Tinubu's decision came after a comprehensive briefing from Mr. Akintunde Sawyerr, Executive Secretary of NELFUND.

The President stressed the importance of recognizing and supporting diverse talents, stating that skill acquisition is as crucial as obtaining academic qualifications.

"This is not an exclusive program. It is catering to all of our young people," President Tinubu emphasized. "By this, I have instructed NELFUND to explore all opportunities to teach skill-development programs because not everybody wants to go through a full university education."

Addressing concerns of equity and inclusivity, Tinubu asserted that regardless of economic challenges, accredited and qualified students should have access to the loan.

Sawyerr outlined the technology-driven approach for the loan application process, ensuring transparency and efficiency while minimizing the risk of maladministration.

Sawyerr also assured the President that the program is designed to be perpetual, with funds directly disbursed to institutions through electronic transfers.

He highlighted the incorporation of robust risk-mitigation mechanisms to address potential challenges in the program's implementation.

To guarantee sustained funding, Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), disclosed that funding sources have been secured.

He stated, "The President is permanently solving the problem of funding for education in Nigeria," confirming a review of the Education Tax Fund to meet the needs of students across all local government areas.