President Bola Tinubu on Wednesday officially launched the Nigeria Education Loan Fund (NELFUND) at the State House in Abuja.
During the ceremony on Wednesday, President Tinubu emphasised his administration’s commitment to inclusiveness and ensuring sufficient funding to sustain the programme.
“Democracy is all about inclusiveness,” Tinubu stated, underscoring his administration’s Renewed Hope Agenda.
He added, “Our target is to build a fair society that is built on successful inclusiveness.”
The President highlighted education as a crucial tool for national development, describing it as “the greatest weapon against poverty in any society.”
Tinubu also stressed that education is essential for vision, development, and successfully combating insecurity, including terrorism and banditry.
In symbolising the programme’s commencement, President Tinubu presented loan cheques to students from each of Nigeria’s six geo-political zones.
He also handed over cheques to the Vice Chancellors of Bayero University of Kano and the Federal University of Technology, Owerri.
The Executive Secretary of NELFUND, Akintonde Sawyerr, revealed key metrics of the programmes.
Since its portal opened on May 25, 164,000 students have registered, with 103,000 applying for loans.
Sawyerr announced that N32 billion (approximately $41 million) is currently available for disbursement to kickstart the programme.
The initiative, which became law on April 3, 2024, as the Student Loans (Access to Higher Education) Act, aims to empower Nigerian youth by providing fair, transparent funding and removing financial barriers to educational opportunities.
The event was attended by high-ranking government officials including Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, and various ministers and educational administrators.
