By Okuns Bukola
Education is a critical component of societal development, and its lack is a significant contributor to various social vices in Nigeria. President Bola Tinubu has taken a bold step towards addressing this issue by signing the Access to Higher Education Act into law on June 12, 2023. This innovative approach aims to eliminate financial barriers and provide loans to students seeking higher education.
The Act was amended in 2024 to establish the Nigerian Education Loan Fund (NELFUND) as the responsible body for managing loan requests from qualified Nigerian students in approved tertiary institutions, vocational, and skill acquisition centers. This amendment also allows students to apply for loans without a guarantor, regardless of their family income.
The NELFUND portal for student loan applications is scheduled to open on May 24, 2024, and will mark a significant milestone in the education system. Eligible students can apply for loans covering tuition fees, institutional charges, and upkeep. Repayment will commence two years after completing the NYSC programme, with a 10% monthly remittance of their income to the fund.
While this development has the potential to positively impact education in Nigeria, it is crucial for applicants to understand the terms and conditions of the loan, including their responsibilities and benefits. Ignorance of the law is not an excuse, and applicants are advised to stay informed before applying.
“Kudos to President Bola Tinubu for his innovative approach! We eagerly await the impact of this new development on the education sector,” a student of the University of Benin said anonymously in an interview with the ACJ UNIBEN.