NELFUND: We’ll extend student loan to state-owned institutions in second rollout

The Nigerian Education Loan Fund (NELFUND) says the student loan scheme will be open to state-owned tertiary institutions in its second rollout.

Nasir Ayitogo, the media spokesperson of the fund, confirmed this in a statement on Tuesday.

President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.

The scheme was to commence in October 2023 but implementation was repeatedly deferred until a re-enactment in April 2024.

NELFUND recently scheduled the opening of the loan application and issuance portal for May 24.

During a pre-application sensitisation in Abuja, NELFUND said the scheme’s pilot phase would only be open to federal tertiary institutions.

Ayitogo said NELFUND noticed the publication of misleading narratives on social media which claimed that the student loan programme is solely for federal institutions.

“NELFUND categorically states that this information is incorrect,” the spokesperson stated.

Ayitogo said a second phase, which will launch “shortly” after the initial rollout, will extend the scheme to students at state institutions.

“The programme is designed to roll out in phases to ensure effective and efficient management,” he said.

“NELFUND is fully committed to providing financial support to all eligible students, regardless of whether they attend federal or state tertiary public institutions.”