President Bola Tinubu has directed the Nigeria Education Loan Fund (NELFUND) to broaden its focus by providing interest-free loans to Nigerian students interested in skill development programs. The directive comes as part of the President’s commitment to accommodating diverse career paths, emphasizing the importance of skill acquisition alongside traditional academic qualifications.
President Tinubu highlighted that the expanded program is inclusive, catering not only to those pursuing traditional professions like medicine and law but also to individuals aspiring to contribute to the nation through skilled trades. He instructed NELFUND to explore opportunities for skill development programs, recognizing that not all individuals prefer a full university education.
The President stressed the need for equity in program management, ensuring that economically challenged but qualified students have access to loans for higher education. He affirmed the government’s commitment to supporting disadvantaged citizens in their pursuit of education.
The Executive Secretary of NELFUND, Akintunde Sawyerr, presented the program’s details, highlighting a technology-driven loan application process to minimize human interface and prevent maladministration. The perpetual program will disburse funds directly to institutions through electronic transfers, aligning with the President’s objectives.
Sawyerr also emphasized the risk-mitigation mechanism developed by NELFUND to address potential risks associated with the program. Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), assured that funding sources have been secured to ensure the smooth launch and sustainability of the skill development program. The President’s directive reflects a comprehensive approach to education funding in Nigeria, addressing diverse educational needs.
