Tinubu expands student loan initiative, prioritizes skill development

President Bola Tinubu has directed the Nigeria Education Loan Fund (NELFUND) to broaden its focus by offering interest-free loans to Nigerian students interested in skill development programs.

The directive was issued during a briefing at the State House on Monday, following discussions with Mr. Akintunde Sawyerr, the Executive Secretary of NELFUND, regarding the upcoming program launch.

President Tinubu stressed the importance of accommodating individuals not inclined towards traditional university education, emphasizing that skill acquisition is equally significant as obtaining academic qualifications.

“This is not an exclusive program. It is catering to all of our young people. Young Nigerians are gifted in different areas. This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to build our nation with their skilled and trained hands,” remarked President Tinubu.

He instructed NELFUND to explore opportunities to teach skill development programs, highlighting that not everyone desires a full university education.

The President emphasized equity and inclusivity in program management, stating that qualified students, regardless of their economic status, must have access to the loan for higher education.

He affirmed the commitment to disadvantaged citizens, asserting, “There is no compromise in our commitment to the disadvantaged citizens of this nation.”

The Executive Secretary, Sawyerr, outlined that the loan application process would be technology-driven to minimize human interface and prevent maladministration.

He assured that the funds, earmarked for Nigerian students, would be disbursed directly to institutions through electronic transfers.

Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), revealed that funding sources have been made available to ensure the smooth take-off and sustainability of the program.

He stated, “The President is permanently solving the problem of funding for education in Nigeria,” referring to the ongoing review of the Education Tax Fund to meet the needs of university students seeking vocational and traditional education across all local government areas.