Official Press Release
The APC Digital Force is pleased to highlight one of the landmark initiatives of President Bola Ahmed Tinubu’s administration, the Student Loan Act (Access to Higher Education Act, 2023).
This Act creates the Nigerian Education Loan Fund (NELFUND), providing interest-free loans to indigent students in accredited tertiary institutions. It represents a significant step toward expanding access to higher education, reducing financial barriers, and empowering Nigerian youths.
Policy Background
The Student Loan Act was signed into law by President Bola Ahmed Tinubu in June 2023 as part of his Renewed Hope Agenda. Nigeria has long faced challenges with limited access to affordable higher education. Rising tuition costs, combined with economic pressures on households, have made tertiary education difficult for many families. The Act responds to this challenge by creating a sustainable financing mechanism that gives equal opportunity to students regardless of financial background.
Key Provisions Explained
The Student Loan Act contains several key provisions:
• Eligibility: Available to all Nigerian students admitted into public universities, polytechnics, and colleges of education.
• Interest-Free: Loans are provided without interest, reducing long-term repayment burdens.
• Repayment: Repayment begins two years after completion of the National Youth Service Corps (NYSC), with deductions from salaries of employed beneficiaries.
• Governance: Managed by the Nigerian Education Loan Fund (NELFUND) under strict regulations to ensure transparency and accountability.
• Safeguards: Provisions exist to prevent abuse and ensure equitable access.
How This Policy Affects You
For Students: Opens the door to education without fear of financial exclusion.
For Parents/Guardians: Reduces the financial stress of funding higher education.
For Nigeria’s Future: Builds a stronger, more skilled workforce capable of driving innovation and economic growth.
Implementation Roadmap
The Nigerian Education Loan Fund (NELFUND) will roll out student loan applications in phases, beginning with public universities. Application portals will be launched, with detailed guidelines shared via official channels. The government has committed to continuous monitoring to ensure smooth implementation and address challenges promptly. The guidelines can be accessed through the official website, Student Loan Initiative
Student Loan InitiativeSecure Loan - Get Instant Loan Approval
Frequently Asked Questions (FAQs)
Q: Who can apply?
A: Any Nigerian student admitted to an accredited public tertiary institution.
Q: Is the loan truly interest-free?
A: Yes, the law mandates zero interest to ease student burdens.
Q: When does repayment begin?
A: Repayment starts two years after completing NYSC.
Q: What if a graduate is unemployed?
A: Repayment is deferred until the individual gains employment.
Q: How will the fund be managed?
A: By NELFUND, with strong oversight to ensure transparency.
The APC Digital Force is a media enlightenment group dedicated to promoting civic awareness and educating Nigerians about government policies, programs, and opportunities. We are committed to transparency, accessibility, and service to citizens.
By: Pharm Ikeogwuonwu Kinsman, Director - General, APC Digital Force" at the end of the article.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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