President Bola Tinubu has directed the Nigeria Education Loan Fund (NELFUND) to broaden its focus by offering interest-free loans to Nigerian students pursuing skill development programs.
This decision follows a briefing from Mr. Akintunde Sawyerr, Executive Secretary of NELFUND, regarding the upcoming launch later this month.
The President emphasized the importance of accommodating those not inclined towards traditional university education, highlighting the significance of skill acquisition alongside academic qualifications.
Tinubu stated, “It is not exclusive; it caters to all our young people. This is for those who wish to contribute through skilled hands, not just aspiring doctors, lawyers, and accountants.”
Addressing equity and inclusivity, Tinubu instructed NELFUND to explore opportunities for skill development programs, ensuring access to the loan for all qualified students.
He underscored, “No matter how economically challenged, accredited students must have access.”
The Executive Secretary, Mr. Akintunde Sawyerr, outlined the technology-driven loan application process, aiming to eliminate maladministration risks.
He emphasized the perpetual nature of the program, with funds disbursed directly to institutions through electronic transfers.
Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), shared insights into the funding mechanism.
He affirmed President Tinubu’s commitment to addressing education funding challenges, stating that the Education Tax Fund is under review to cover the needs of students across all local government areas for both vocational and traditional university education. Adedeji assured that funding for the program is secured.
President Tinubu’s directive signals a comprehensive approach to education, recognizing and supporting diverse talents among Nigerian youth.
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