President Bola Tinubu officially inaugurated the Nigeria Education Loan Fund (NELFUND) at the State House, in Abuja, on Wednesday July 3, 2024 reiterating his administration’s dedication to inclusiveness and adequate funding to sustain the initiative.
“Democracy is all about inclusiveness,” Tinubu stated, highlighting his Renewed Hope Agenda. He further added, “Our target is to build a fair society that is built on successful inclusiveness.”
President Tinubu emphasized the critical role of education in national development, describing it as “the greatest weapon against poverty in any society.” He stressed that education is vital for vision, development, and tackling insecurity, including terrorism and banditry.
To mark the launch, President Tinubu presented loan cheques to students from Nigeria’s six geo-political zones. He also handed over cheques to the Vice Chancellors of Bayero University, Kano, and the Federal University of Technology, Owerri.
NELFUND’s Executive Secretary, Akintonde Sawyerr, shared that since the portal opened on May 25, 164,000 students have registered, with 103,000 applying for loans. He announced that N32 billion (approximately $41 million) is available for immediate disbursement.
The initiative, enacted as the Student Loans (Access to Higher Education) Act on April 3, 2024, aims to empower Nigerian youth by providing fair, transparent funding and removing financial barriers to educational opportunities.
The event saw the presence of prominent government officials, including Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, and various ministers and educational administrators.
