The Nigerian Education Loan Fund (NELFUND) has granted approval for students from 22 more state-owned tertiary institutions to apply for student loans.
According to a statement posted on NELFUND’s official X account, “The Nigeria Education Loan Fund has announced that students from the following 22 state-owned tertiary institutions can now apply for loans on its portal: nelf.gov.ng
“This followed a review by the committee responsible for the Student Verification System. Prior to this, 86 state-owned institutions were cleared, bringing a total of 108 institutions whose students are now able to apply.”
The onboarding of these 22 institutions raises the number of state-owned institutions approved for the loan program to 108 in total.
The student loan scheme is a key initiative of President Bola Tinubu’s administration in the education sector.
Shortly after his inauguration, President Tinubu signed the Access to Higher Education Act, establishing a legal framework for providing loans to low-income or indigent Nigerians to help them pay for their education at Nigerian tertiary institutions.
The law, which was reenacted earlier this year, led to the creation of the Nigerian Education Loan Fund (NELFUND).
NELFUND is responsible for managing all aspects of the student loan process, including requests, grants, disbursement, and recovery.
According to the act, the fund will be supported by multiple revenue streams and will engage in various productive activities to sustain its operations.
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