PRESIDENT TINUBU DIRECTTS NELFUND TO EXPAND IT’S SCOPE BEYOND INTERESTED-FREE LOANS 22-01-24
By Sadiq Aminu President Bola Tinubu has directed the management of the Nigeria Education Loan Fund, NELFUND, to expand its scope of the interest-free loans Nigerian Students to include those interested in skill-development programmes.
The President issued the directive in Abuja after receiving briefing from the Executive Secretary of NELFUND, Dr. Akintunde Sawyer.
The President said it was important for the scheme to accommodate those who might not want to pursue university education, stressing that skill acquisition is as important as obtaining undergraduate and graduate academic qualifications.
“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas. This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation. In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” he said.
President Tinubu emphasised the need for equity and inclusivity in the management of the programme, stating: “No matter how economically challenged you are, accredited and qualified students will and must have access to this loan to advance their education in higher institutions. There is no compromise in our commitment to the disadvantaged citizens of this nation.”
The Executive Secretary of the Fund, Dr. Sawyer said the loan application process would be technology-driven, limiting human interface and “eliminating any possibility of maladministration in the programme.”
“By design, this is a perpetual programme and will not terminate. The funds, earmarked for bona-fide Nigerian students, will be disbursed directly to the institutions in the initial phase through electronic transfer. Our students will be catered to in a way that bypasses human interference through the full utilization of available technological platforms, in adherence to Your Excellency’s stated objectives,” he said.
He also said NELFUND had developed a robust risk-mitigation mechanism to address potential risks that might arise from the programme.
On the funding mechanism of the programme, the Executive Chairman of the Federal Inland Revenue Service, ,Dr. Zacch Adedeji, said funding sources had been made available to ensure the smooth take-off and sustenance of the programme.
“Mr. President is permanently solving the problem of funding for education in Nigeria. By the directive of the President, the Education Tax Fund is being reviewed to additionally cater to the needs of our university students across all local government areas in the country as they seek to access vocational and traditional university education. Funding for the programme will be adequately covered,” he said.