The Nigerian government has received about
30,000 successful applications for its student loan scheme within just seven
days of launching the portal on May 24, 2024. Akintunde Sawyerr, Managing
Director of the Nigerian Education Loan Fund (NELFUND), provided this update in
Abuja on Thursday.
Sawyerr explained that the 30,000
applications are currently undergoing approval evaluation. He also announced
that applications will open for state higher institutions on June 25, 2024.
The student loan scheme aims to provide
financial assistance and equip youths with employable skills. NELFUND will
launch a comprehensive skills acquisition program in vocational and technical
fields six months from now. This initiative will prepare students for the
modern job market, fostering entrepreneurship and innovation.
"Beyond financial assistance, NELFUND
recognizes the profound importance of equipping our youth with practical,
market-relevant skills," Sawyerr said.
As of now, 60,000 individuals have
registered on the platform, and about 30,000 have successfully applied for the
loan. However, none of these applications have been approved yet, as they are
still under evaluation.
President Bola Tinubu recently signed the
Access to Higher Education Act, 2023, into law, ensuring financial assistance
for Nigerian students.
"The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand," Sawyerr added.
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