President Bola Tinubu recently inaugurated a student loan scheme aimed at fostering inclusiveness and combating poverty in Nigeria. During the inauguration, Tinubu emphasized that education is pivotal in addressing poverty and fostering national development, as well as combating security challenges like terrorism and banditry.
Key highlights of the inauguration include:
1. **Student Loan Disbursement:** President Tinubu presented cheques to students from each of Nigeria’s six geo-political zones, marking the official start of the student loan programme.
2. **Funding and Sustainability:** The Nigerian Education Loan Fund (NELFUND) announced an initial fund of N32 billion available for disbursement. Since the portal opened on May 25, approximately 164,000 students have registered, with 103,000 applying for loans. This initiative, now enacted into law as the Student Loans (Access to Higher Education) Act since April 3, 2024, aims to empower Nigerian youth by providing transparent and fair financial support, removing barriers to educational opportunities.
3. **Reaction from Stakeholders:** Lucky Emonefe, President of the National Association of Nigerian Students (NANS), expressed gratitude for the realization of the student loan programme, which he described as a significant development in the education sector. He highlighted the transparency of the application process and emphasized that this initiative represents a new era for Nigerian students, providing access to higher education regardless of background.
Overall, the launch of the student loan scheme is seen as a landmark achievement in Nigeria’s education sector, expected to have a profound impact on youth empowerment and national development.
