This decision was made on Wednesday during its inaugural meeting.

The agency’s spokesperson, Nasir Ayitogo, disclosed this in a statement. “By approving the immediate disbursement of the loans, NELFUND is taking a critical step in fulfilling its mission to support education and empower the next generation of leaders,” he said.

Techeconomy reported that the agency is set to pay over N35 billion to 70,000 applicants approved for loans in the first phase of the scheme for students of federal government-owned tertiary institutions.

The agency will also pay a N20,000 monthly stipend to successful students.

Meanwhile, the commencement of the second phase of the application process, which will accommodate students from state-owned institutions, has been postponed for 14 days.

The postponement was necessitated by the failure of most state institutions to upload their students’ data on the NELFUND Student Verification System (SVS).

NELFUND said only 20 of 48 state universities, two of 49 polytechnics, and 12 of the 54 colleges of education have uploaded their data.

“The application window, initially set to open on June 25, will now commence on July 10,” the NELFUND spokesperson said.

During Wednesday’s meeting, chaired by the Founder of Zenith Bank Plc, Jim Ovia, the approval for the disbursement of loans topped the agenda.

It was the first meeting of the board since Mr. Ovia’s appointment in April.

Mr. Ayitogo said the inaugural meeting also set the stage for future initiatives aimed at enhancing educational opportunities and providing comprehensive support to students across various disciplines.

He said members of the NELFUND management, led by Managing Director Akintunde Sawyerr, and representatives of member organizations were also part of the meeting.

“The meeting marked a significant milestone in the organization’s commitment to empowering students through financial support,” Mr. Ayitogo said.

“Under the leadership of the Board Chairman, Mr. Jim Ovia, the top agenda item was the approval for disbursement of student loans to successful applicants.

“This decision underscores President Bola Ahmed Tinubu’s dedication to providing timely and essential financial assistance to students in need, enabling them to pursue their educational goals without undue financial stress.”

Initially scheduled to begin on June 25, 2024, the application window will now open on July 10, 2024.

The postponement was deemed necessary after several state institutions failed to upload the required student data and fee information to the NELFUND Student Verification System (SVS). 

To date, only 20 out of 48 state universities, 12 out of 54 state colleges, and 2 out of 49 state polytechnics have successfully completed the data submission process.

In a statement released on Tuesday, June 25, 2024, and signed by Nasir Ayitogo, Head of Media and Public Relations for NELFUND, the organization noted the importance of complete and accurate data submissions for a seamless and accurate verification process for student loan applicants. 

“While we acknowledge the efforts of these institutions, the failure to submit data from the remaining state institutions poses significant challenges to ensuring a seamless and accurate verification process for student loan applicants,” the statement read.

The extension is intended to provide additional time for state institutions to comply with the data submission requirements. NELFUND stressed that the lack of compliance from these institutions could disadvantage their students, who rely on these loans to support their education.

To facilitate an efficient and error-free application process, NELFUND has outlined the specific data required from state institutions. This includes JAMB numbers, matriculation numbers, admission numbers, full names, levels, faculties, departments, program durations, fees, and gender of all eligible students. 

Incomplete or incorrect data submissions will result in application delays and potential disqualification for affected students.

The statement urged all state institutions to expedite their data submission processes and ensure the accuracy of the information provided. “Institutions that fail to meet the revised deadline risk disadvantaging their students, who depend on these loans to support their education,” it warned.

This postponement comes under the administration of President Bola Ahmed Tinubu, which is keen on ensuring that the Federal Government’s student loan scheme benefits as many students as possible. 

These applicants, students of federal government-owned tertiary institutions nationwide, were selected from a pool of 120,000 applicants who submitted their applications as of Friday, 21 June.

According to reliable sources, successful candidates can now check their application status on the agency’s portal to track the progress of their approval and subsequent disbursement of funds.

While spokesperson Nasir Ayitogo from NELFUND has yet to comment on the development, he reiterated the agency’s focus on fulfilling its mandate of supporting financially challenged Nigerian students, as approved by President Bola Tinubu.

Each applicant’s dashboard will display the verification process status leading up to final approval or denial, followed by the disbursement of funds.

Multiple agency sources confirmed that the fees for these 70,000 applicants, totaling N35 billion, will be paid directly to their respective institutions’ bank accounts. These fees include tuition fees and other miscellaneous charges such as departmental fees, laboratory fees, and health insurance fees.

An anonymous source clarified, “The payment of these fees totalling N35 billion will be disbursed this week, and disbursements will occur at the beginning of each session to different institutions to manage the funds effectively.”

Additionally, it was disclosed that NELFUND plans to provide a monthly upkeep allowance of N20,000 to each successful applicant throughout their student tenure, amounting to N240,000 annually. However, applicants must reapply annually as the loan is refundable and not a grant.

Furthermore, the upkeep allowance will be paid monthly regardless of whether the beneficiaries’ schools are in session, ensuring continuous support even during breaks.

Howbeit, sources revealed that an additional 50,000 applications are currently under evaluation for possible consideration in the second batch, predominantly from federal institutions. Upon verification of their student status and guarantor details, these applicants will also receive their fees and allowances promptly.

Meanwhile, NELFUND has announced plans to onboard applicants from state-owned tertiary institutions across all 36 states starting from Tuesday, 25 June. The agency will publish a comprehensive list of institutions that have successfully submitted their students’ data on the Student Verification System (SVS) portal by 24 June.

In a statement, Ayitogo emphasized, “The publication of this list aims to promote transparency and encourage equal access and participation in this critical scheme for both undergraduate applicants and tertiary institutions.”

NELFUND stressed that applicants must have their details included in their institution’s data set submitted to the NELFUND SVS for seamless verification and access to the fund.

Led by President Bola Tinubu, the Nigerian Education Loan Fund (NELFUND) is ensuring economically disadvantaged students get access to quality education.

During an address at the Nigeria Institute of Legislative and Democratic Studies in Abuja, Akpabio described the Student Loan Scheme as one of the most important pieces of legislation passed by the tenth Assembly.

He highlighted that the bill is designed to help underprivileged children pursue higher education without the burden of financial constraints.

“One of the most important bills for the tenth Assembly was the bill sent to us by President Bola Tinubu. The Student Loan Bill enables vulnerable Nigerian students, the less privileged, to obtain higher education. And as I speak to you now, over 30,000 Nigerian students have already been selected to benefit from that scheme. That is one of the bills I will say appeal to me the most,” Akpabio said.

In addition to discussing the student loan scheme, Akpabio spoke on Nigeria’s old national anthem, “Nigeria, We Hail Thee,” which was abolished in 1978. He pointed out that retaining the old anthem could have helped prevent issues such as banditry and insecurity.

“The other impactful bill signed by the National Assembly is the reverting to our old national anthem. A lot of people are not aware that there was a panel set up and made up of Nigerians to receive input from all over the world in 1959.

“So when people are saying we’re bringing in colonial anthem, they need to look into the history of ‘Nigeria, we hail thee.’ If we had kept to that anthem, we probably would not have banditry today in Nigeria because if you take your neighbour as your brother, you will not want to kill him,” Akpabio added.

The revised Student Loan Act 2024 aims to remove financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.

Funded through an innovative amalgamation of government revenues, including taxes and natural resource profits, NELFUND is set to provide comprehensive financial support covering tuition, fees, and living expenses.

With a repayment grace period extending two years post-NYSC program completion, the scheme comes with a good approach to financial aid, ensuring that today’s scholars can become tomorrow’s leaders without the issue of debt.

This was disclosed by Akintunde Sawyerr, the managing director/chief executive officer of the Nigeria Education Loan Fund (NELFUND), during a pre-application sensitisation press conference in Abuja, on Monday.

He said 1.2 million students in federal universities, polytechnics, colleges of education, and technical colleges would benefit from the first phase.

Data obtained from the National Universities Commission website indicated that the nation has 226 federal tertiary institutions comprising 62 universities, 41  polytechnics, 96 monotechnics and 27 colleges of education.

Addressing journalists on Monday, ahead of the opening of Friday’s portal, Sawyerr said, “There are approximately 1.2 million students in federal tertiary institutions owned by the government. Today, by inference, 1.2m  students maximum at the federal level (will benefit), but there might be an opportunity to increase the capacity in terms of more institutions, and when we begin to bring in state-owned institutions, then the numbers can go up.’’

He explained that only students whose institutions had uploaded their data on the Fund’s dashboard would be eligible to apply.

While calling on students in federal tertiary institutions to visit the website, www.nelf.gov.ng to apply from May 24, the CEO added that students in state universities and vocational skills centres could apply at a later date.

He said the requirements to apply include the admission letter from the Joint Admissions and Matriculation Board, National Identity Number, and Bank Verification Number as well as completed application forms from its website.

“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions. Applicants can access online support to assist with any questions or concerns during the application process.

“We believe that education is a vital investment for the future. We envisage that the student loan initiative of Mr President is a testament to this commitment,” he said.

One of the key features of the programme, he stressed, is the absence of physical contact between the loan applicant and NELFUND.

[Source]

The announcement was made by Nasir Ayantogo, the media lead for the NELFund.

Ayantogo, in the statement, said the opening of the application portal marked a significant milestone in the commitment of President Bola Tinubu to “fostering accessible and inclusive education for all Nigerian students.”

On June 12, 2023, Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The move was in “fulfilment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.

Although the government initially announced that the scheme would be launched in September, it suffered several delays leading to an indefinite postponement in early March.

The Presidency had linked the delay to Tinubu’s directive to expand the scheme to include loans for vocational skills.

After receiving briefing from the NELFund team led by Dr.  Yusuf Sununu, the minister of State for Education, on January 22, said the President directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.

Tinubu based his decision on the need for the scheme to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.

“This is not an exclusive programme. 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 use their skilled and trained hands to build our nation.

“In accordance with this, I have instructed NELFund to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” he had said.

Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.

The portal, according to the statement, provides a user-friendly interface for students to submit their loan applications conveniently.

“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation.

“Students can access the portal to begin application,” the statement said.

However, successful implementation of the bill is essential to ensure its impact on poverty reduction.

One key strategy to enhance the implementation process is advocating for corruption-free practices. Additionally, leveraging technology can play a crucial role in improving transparency, efficiency, and accountability in the distribution of financial assistance.

Firstly, this is a great victory for all families who struggle to pay for their children’s education. The student finance Bill will provide financial assistance to students in need, ensuring that every child in Nigeria has access to quality education.

This bill is a testament to the government’s commitment to investing in education and ensuring that no child is left behind. It will help ease the financial burden on parents and ensure that all students have the opportunity to reach their full potential.

We commend the government for taking this important step towards improving access to education in Nigeria. This is a victory for all parents and students, and we look forward to seeing the positive impact of this bill on our education system.

The signing of the student finance Bill by the President of Nigeria marks a significant milestone for education in the country.

This development brings with it a multitude of benefits for Nigerian families and students, particularly those who have long struggled to afford quality education for their children.

One of the key benefits of this bill is that it will provide financial assistance to students in need. This means that children from low-income families will now have access to the resources and support they need to pursue their education without being held back by financial constraints.

By alleviating the financial burden on parents, the bill ensures that every child in Nigeria, regardless of their socioeconomic background, has the opportunity to receive a quality education.

Furthermore, the student finance Bill reflects the government’s unwavering commitment to investing in education.

By making education more accessible and affordable, the government is laying the groundwork for a more educated and skilled workforce, which is essential for driving economic growth and development in the country.

This bill not only benefits individual families and students but also has far-reaching implications for the future prosperity of Nigeria as a whole.

Ultimately, the signing of the student finance Bill represents a triumph for all parents and students in Nigeria.

It signals a promising future for education in the country, one where every child has the chance to fulfill their academic potential and contribute to the progress and prosperity of society.

We applaud the government for their dedication to improving access to education and look forward to witnessing the transformative impact of this bill on the Nigerian education system.

The signing of the student finance Bill in Nigeria has the potential to have a significant impact on poverty reduction in the country.

Access to quality education is widely recognized as a key factor in breaking the cycle of poverty, as it provides individuals with the knowledge, skills, and opportunities necessary to improve their economic prospects.

By providing financial assistance to students in need and ensuring that every child has access to education, the student finance Bill can play a crucial role in reducing poverty in Nigeria in the following ways:

1. Breaking the cycle of poverty:

Access to education empowers individuals and equips them with the tools they need to secure better employment opportunities and higher incomes.

By ensuring that all children, regardless of their background, have access to quality education, the bill can help break the cycle of poverty and improve the long-term economic prospects of individuals and families.

2. Increasing economic productivity:

A more educated workforce is essential for driving economic growth and development. By supporting students in need and enabling them to pursue their education, the bill can contribute to a more skilled and productive workforce in Nigeria.

This, in turn, can stimulate economic growth, create job opportunities, and lift families out of poverty.

3. Enhancing social mobility:

Education is a powerful tool for promoting social mobility and leveling the playing field for individuals from disadvantaged backgrounds. By providing financial assistance to students in need, the bill can help bridge the gap between the rich and the poor and enable individuals to access opportunities for advancement and upward mobility.

4. Fostering innovation and entrepreneurship:

Education is essential for fostering innovation, creativity, and entrepreneurship. By ensuring that all children have access to education, the bill can help unleash the potential of young, talented individuals and entrepreneurs, driving innovation and economic diversification in Nigeria.

Overall, the student finance Bill has the potential to be a transformative tool in the fight against poverty in Nigeria.

By investing in education and ensuring that all children have the opportunity to receive a quality education, the bill can help create a more equitable society, reduce inequality, and empower individuals to break the cycle of poverty and achieve economic prosperity.

In order for the student finance Bill in Nigeria to truly make a meaningful impact on poverty reduction and education accessibility, it is essential that the implementation of the bill is carried out in a transparent and corruption-free manner.

Corruption has long been a barrier to progress and development in Nigeria, diverting resources away from where they are needed most and undermining the effectiveness of policies and programs.

Advocating for a corruption-free implementation of the student finance Bill is crucial for ensuring that the financial assistance reaches the students in need and that the resources are used efficiently and effectively. Here are some ways in which corruption-free implementation can be advocated for:

1. Transparency and accountability:

There should be clear mechanisms in place for monitoring the allocation and disbursement of funds under the student finance Bill.

Regular audits and reports should be carried out to ensure that the funds are being used for their intended purpose and that there is no misuse or diversion of funds.

2. Strong oversight and enforcement:

Independent oversight bodies should be established to oversee the implementation of the bill and ensure compliance with anti-corruption measures.

Any instances of corruption or malpractice should be thoroughly investigated and perpetrators held accountable.

3. Whistleblower protection:

Whistleblowers play a critical role in exposing corruption and malpractice. Protections should be put in place to encourage individuals to come forward with information on corrupt activities without fear of retaliation.

4. Public awareness and advocacy:

Civil society organizations, the media, and the public should be engaged in advocacy efforts to promote transparency and accountability in the implementation of the student finance Bill.

By raising awareness about the importance of corruption-free implementation, pressure can be put on government officials and stakeholders to adhere to best practices and uphold ethical standards.

By advocating for a corruption-free implementation of the student finance Bill, we can help ensure that the resources allocated for education assistance reach the students who need it most and that the impact of the bill on poverty reduction and education accessibility is maximized.

It is essential that all stakeholders work together to support transparency and accountability in the implementation of policies and programs to create a more equitable and prosperous society in Nigeria.

Technology can play a crucial role in the implementation of the student finance Bill in Nigeria, particularly in promoting transparency, efficiency, and accountability.

Here are some ways in which technology can help facilitate the implementation of the bill:

1. Online application and tracking:

Implementing an online portal for students to apply for financial assistance can streamline the application process and make it more accessible to a larger number of students.

This can help reduce administrative burdens and paperwork, making it easier for students to access the support they need. Additionally, an online tracking system can provide real-time updates on the status of applications, ensuring transparency and accountability in the process.

2. Data management and analysis:

Utilizing technology to collect and analyze data on the distribution of financial assistance can help identify patterns and trends in the allocation of resources.

This can help in ensuring that the funds are reaching the intended beneficiaries and can inform future decision-making to improve the effectiveness of the bill.

3. Mobile payment solutions:

Implementing mobile payment solutions can make it easier for students to receive financial assistance directly into their bank accounts or mobile wallets.

This can help eliminate delays and inefficiencies associated with traditional payment methods, ensuring that students receive the support they need in a timely manner.

4. Monitoring and evaluation tools:

Technology can be used to develop monitoring and evaluation tools to track the impact of the bill on poverty reduction and education accessibility.

By collecting and analyzing data on key performance indicators, policymakers can assess the effectiveness of the bill and make informed decisions on how to improve its implementation in the future.

Overall, leveraging technology in the implementation of the student finance Bill can help enhance transparency, efficiency, and accountability, ultimately contributing to the success of the bill in reducing poverty and improving education access in Nigeria.

By embracing innovative solutions and digital tools, policymakers can optimize the impact of the bill and ensure that it is achieving its intended goals effectively and sustainably.

In conclusion, the successful implementation of the Student Finance Bill in Nigeria is vital for achieving its objectives of reducing poverty and improving education access.

By advocating for corruption-free practices and harnessing the power of technology, policymakers can enhance the effectiveness of the bill and ensure that financial assistance reaches the students who need it most.

By embracing innovative solutions and digital tools, Nigeria can pave the way towards a more inclusive and equitable education system, ultimately contributing to poverty reduction and sustainable development in the country.

====

The Writer, Prof. Ojo Emmanuel Ademola is the first Nigerian Professor of Cyber Security and Information Technology Management, and the first Professor of African descent to be awarded a Chartered Manager Status.

Ajuri Ngelale, the special adviser to the President on Media and Publicity, In a statement on Thursday, explained the challenges with the previous Act and the major changes introduced by the newly enacted Student Loan (Access to Higher Education) (Repeal and Re-enactment) Act, 2024.

According to the statement, the repealed Student Loan Act, 2023, had issues related to governance and management, the purpose of the loans, eligibility criteria for applicants, the method of application, repayment provisions, and recovery of the loans.

He said the new Act addresses these shortcomings comprehensively.

According to him, one of the significant amendments was the establishment of the Nigeria Education Loan Fund (NELFUND) as a corporate body with the legal capacity to enter into contracts, including loan agreements, and initiate actions to ensure repayment by beneficiaries.

He said NELFUND is empowered to provide loans to qualified Nigerians for tuition, fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions in the country.

He said, “the repealed Student Loan Act, 2023, had some challenges bordering on governance and management, purpose of the loans, eligibility criteria for applicants, method of application, repayment provisions, and recovery of the loans.

“Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024 sufficiently resolved the challenges highlighted above and includes the following amendments:

“Establishes the Nigeria Education Loan Fund (NELFUND) as a body corporate that can sue and be sued in its name and has the power to acquire, hold, and dispose of movable and immovable property for the purpose of its functions.

“This ensures that the Fund can legally enter contracts, including loan agreements, and may also initiate action to ensure repayment by beneficiaries.

“Empowers the Fund to provide loans to qualified Nigerians for tuition, fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions in Nigeria.

“Build, operate, and maintain a diversified pool of funds to provide loans to qualified applicants and ensure access to higher education, vocational training, and skills acquisition.

“These amendments ensure that students can apply for and receive loans to cover tuition, institutional charges, and some upkeep.

“Separates the governance functions from the management operations of NELFUND by establishing a board of directors with a chairman and a secretary.

“The board’s members are drawn from relevant ministries, regulatory bodies, and participating agencies, including the Federal Ministries of Finance and Education, the FIRS, NIMC, NUC, NBTE, and NCCE, as well as representatives of universities, polytechnics, colleges of education, students of tertiary institutions, and the organized private sector.

“Establishes a management team led by a managing director, including executive directors responsible for the day-to-day management and operations of the Fund.

“The President of the Federal Republic of Nigeria appoints the Board and Management.”

He said the governance and management structures have been separated, with a board of directors overseeing governance and a management team led by a managing director responsible for day-to-day operations.

According to him “the board comprises representatives from relevant ministries, regulatory bodies, and participating agencies, while the President appoints the board and management.

“The resource structure of NELFUND has been clearly defined, with 1 percent of all taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS) accruing to the General Reserve Fund.

“This fund will be used to pay loans to qualified applicants and cover operational expenses.

“Significantly, the eligibility criteria have been revised, removing the family income threshold and guarantor requirement.

“Students can now apply for loans and accept responsibility for repayment, subject to application and identity verification guidelines provided by NELFUND.

“Additionally, a student’s application can no longer be disqualified based on their parent’s loan history,” he added.

Ngelale also said the Act also establishes a justice and fairness provision, mandating the board to ensure a minimum national spread of loans approved and disbursed in each financial year.

“Applicants can apply for loans to cover tuition, fees, and maintenance allowances,” he added .

Regarding repayment, he said NELFUND cannot initiate loan recovery efforts until two years after the completion of the National Youth Service Programme.

He said “beneficiaries may request an extension of enforcement action by providing a sworn affidavit indicating unemployment and lack of income.

“Loan forgiveness is also provided for in the event of death or acts of God causing inability to repay.

The Presidency emphasized that the Act effectively removes the previous encumbrances and paves the way for protecting Nigeria’s future by ensuring that citizens have the means to fund their education, acquire critical skills, and become productive contributors to national development.

This comes after separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and TETFund.

Speaking after he signed the bill, Tinubu said no Nigerian, regardless of their background, will be excluded from obtaining quality education.

“This is to ensure that no one, no matter how poor their background is, is excluded from quality education and opportunity to build their future,” said the President at the State House, Abuja.

The executive bill titled “A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a body corporate to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and for related matters” was signed in the presence of the leadership of the National Assembly, Ministers and Major Stakeholders of Education.

This followed separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and TETFund.

Tinubu thanked the National Assembly for considering the piece of legislation speedily, affirming that the administration is determined to increase the skill levels of Nigerians.

He said, “I have just signed a bill proclaiming the student loan effectively. First of all, I must thank members of the National Assembly for their expeditious handling of this bill considering the children of Nigeria, that education is the tool to fight against poverty effectively.

“We are determined to ensure that education is given the proper attention necessary for the country including skills development programmes.

“We are here because we are all educated and were helped. In the past, we have seen a lot of our children dropped out of colleges and given up the opportunity. That is no more, the standard and the control is there for you to apply no matter who you are as long as you are a Nigerian citizen.”

On June 12, 2023, Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The move was in “fulfillment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.

Although the government initially announced that the scheme will be launched in September, it suffered several delays leading to an indefinite postponement in early March.

The Presidency had linked the delay to Tinubu’s directive to expand the scheme to include loans for vocational skills.

After receiving briefing from the NELFUND team led by the Minister of State for Education, Dr Yusuf Sununu, on January 22, the President had directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.

Tinubu based his decision on the need for the scheme to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.

“This is not an exclusive programme. 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 use their skilled and trained hands to build our nation.

“In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” he had said.

Education taxis under the control of the Federal Inland Revenue Service (FIRS).

Zacch Adedeji, the FIRS Chairman, revealed this on Monday, while briefing State House correspondents alongside the Executive Secretary of the Board, Dr. Akintunde Sawyerr, at the Presidential Villa, Abuja.

According to Adedeji, the deployment of the education tax fund into the scheme is one way the government can be accountable to taxpayers in the country.

In his remarks, Sawyerr also assured that the process for apply­ing for the loan would be devoid of human intervention as every action would be taken on App spe­cifically designed for the purpose.

He explained that the government was keen to ensure that young Nigerians do not fail to acquire tertiary education just because of lack of funds to con­tinue their studies.

According to him, the imple­mentation of the student loan scheme would enable Nigerians to pick a career trajectory of their choice rather than being forced to do something else because they were unable to acquire requisite education due to lack of funds.

Sawyerr also affirmed that the loan would help to stem the dan­gerous journey undertaken by Nigerian youths across the Sahel to Europe in search of better life.

The executive secretary dis­closed that the school fees for successful applicants would be transferred directly to their insti­tutions, noting that while every Nigerian was eligible to apply for the loan, only the neediest would be supported.

Sawyerr said, “It’s a pleasure to be here today to brief you on the impending launch of the Nigerian Education Loan Fund, which is the bedrock that will operationalise the students loan scheme in Nigeria. It’s a great opportunity to help solve an age old problem that has been on in this dear nation of ours for quite some time.

“There are many, many people with great capacity and with the desire to improve their education. And usually the place where that falls down is when they get into the tertiary base. At that point they really have a number of op­tions, either to go into the world of work with qualifications that are not necessarily optimal for them, or to find ways of funding that tertiary space.

“When I say tertiary, some of it is academic. So university education is generally regarded as academic but this programme seeks to provide opportunities for Nigerian students who want to go into the academic side and get a university degree or perhaps want to go into the technical side and go and acquire some voca­tional skills and some vocational qualifications which is always needed in society, and also in the teacher training space. Because you know, without teachers, real­ly none of us are going very far. We have to learn from others and we have to have teachers.

“So, this is a great opportuni­ty for that applicant, and they are the ones that are at the centre of all of this. This act effectively the intention behind it is to ensure that the reason for not being able to go on and further your edu­cation at a tertiary level, is not for the lack of finance. This law seeks to bridge the gap between desire to study and capacity to go further. It seeks to bridge that gap, one that is created by lack of finance, lack of funding”.

He also went further to explain that there are many difficult choices people make, people sometimes will have to go and do things they really don’t want to do including crossing the very treacherous and dangerous Sahel to try and get themselves to Europe because they haven’t been able to get the education they wanted.

“So you know, we are setting this up to help us and help our society bridge that gap.

“What I want to say to you that this has been done with a lot of thoughts. So in application and in applying for this loan, there is zero human intervention. In other words, there is an App. The applicant will go on to a portal, they will engage with that App.

“They will have to put in certain pieces of information which made them eligible, what is their JAMB number, and of course they tie in to that their date of birth. Further pieces of information include things like their national identity number, NIN, which confirms that they are Nigerians. This loan scheme is being paid for by Nigerian tax payers. So it’s for Nigerians and the NIN helps verify and qualify them as such.

“Their BVN, financial in­clusion because this scheme in itself will at some point, be able to empower students so we need to know they have bank accounts. We need to know where their accounts are to be able to access those accounts. It will also have their matric number, admission number so that we can firmly establish which institution they are going because one of the key elements of this is that once we’ve received applications and those applications are approved, the fees or the tuition requirements in terms of financials will be transferred directly to the insti­tution.

“That in itself has benefits for the institution. Many students are struggling to pay their fees; their parents are struggling to pay their fees. There’s a very high dropout rate. So it’s one thing to get into the tertiary institution. It’s another thing to stay there for four years or for three years. This scheme seeks to help people access and remain until they qualify or graduate”.

Lending more voice to the policy, Adedeji said,

“This is in fulfillment of Mr. President’s promise that we will make edu­cation accessible to all. And while I have to put my own is because of the source of funding. This is one of the schemes that we will apply education tax that we will collect. So, this is a way of being accountable to the taxpayer. Be­cause the essence of education tax is to consolidate and restore education integrity and quality. And in fulfilling that part of the Act, so, that is why education tax fund is one of the sources of fund­ing by God’s grace that we’ll use actually to execute this laudable programme”. (Independent)