UPDATED: Tinubu Officially Launches Student Loan Scheme At Aso Rock

The Federal Government has officially launched the Student Loan Scheme following recent amendments.

Naija News reports that President Bola Tinubu has inaugurated the Nigeria Education Loan Fund (NELFUND), highlighting the critical role of education in eradicating poverty and fostering national progress.

During the launch event and the ceremonial fund disbursement at the State House in Abuja on Wednesday, July 17, President Tinubu emphasized that education is the most powerful weapon against poverty, offering vision, development, and hope.

He underscored that without education, addressing insecurity and achieving success is unattainable, stating that education provides the essential light at the end of the tunnel, regardless of the pace of progress.

Addressing the Board members and management of the Fund, President Tinubu reiterated his administration’s commitment to the Renewed Hope Agenda, noting that democracy is fundamentally about inclusiveness.

President Tinubu asserted that his administration aims to build a fair society grounded in successful inclusiveness.

“I firmly believe that education is the greatest weapon against poverty in any society. Without education, there is no vision, no development, and we cannot effectively tackle insecurity.

“Education is that beacon at the end of the tunnel; no matter how slowly you move, it will provide light and hope,” Tinubu stated.

The President further stated that Nigeria will continue to invest in education to empower its citizens and use it as a tool against terrorism, banditry, and insecurity.

“We are investing because ignorance is not an option. We want education from the foundation to the highest levels, and I am pleased that the leadership has accepted this responsibility.

“There is genuine hope and commitment here. Inclusiveness is what democracy is all about.

“Today, I am fulfilling one of my major campaign promises. You cannot navigate life without proper education, and you cannot effectively fight terrorism and banditry.

“If we have a successful inclusive loan program that enables our people to get educated and invest in their lives, we will have built a fair society and fulfilled our promise to future generations,” he said.

President Tinubu also symbolically presented loan cheques to students from each geo-political zone, marking the beginning of fund disbursement to eligible Nigerian students.

He also presented cheques to Vice Chancellors from Bayero University, Kano (BUK), and the Federal University of Technology, Owerri (FUTO), among other institutions present.

The Executive Secretary of NELFUND, Akintunde Sawyerr, disclosed that since May 25, 164,000 students registered for the loan, with 103,000 applying. He announced that ₦32 billion is currently available for disbursement to initiate the program.

Sawyerr explained that NELFUND aims to empower Nigerian youth by providing fair and transparent funding, removing financial barriers to educational opportunities and academic pursuits.

Outlining NELFUND’s progress, Sawyerr noted key amendments to the loan act on April 3, 2024, dashboard metrics secured since May 25, and the presidential disbursement of funds on July 17, 2024.

He elaborated that students can apply for two types of loans: one for educational fees sent directly to institutions and another for upkeep, providing a monthly stipend.

“Institutions collected cheques for multiple applications, and students cannot receive a stipend unless their fees are covered by NELFUND,” Sawyerr said.

The Student Loans (Access to Higher Education) Act, signed into law on April 3, 2024, is a transformative initiative enabling countless Nigerian students to pursue their educational goals.

Jim Ovia, appointed by Tinubu as Chair of the NELFund Governing Board, approved the loan disbursements during the board’s inaugural meeting in Abuja last month.

Present at the launch were Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, NELFUND Board Chairman Jim Ovia, Minister of Finance Wale Edun, Minister of Budget and Economic Planning Abubakar Bagudu, Minister of Education Mamman Tahiru, Minister of Youths Jamila Bio Ibrahim, FIRS Chairman Zach Adedeji, and CBN Governor Olayemi Cardoso.

Also in attendance were JAMB Registrar Prof. Isiaq Oloyede, Acting Executive Secretary of the National Universities Commission (NUC) Chris Mayaiki, among others.