During a meeting at the State House on Monday, President Bola Tinubu has instructed the Nigeria Education Loan Fund (NELFUND) to broaden its horizons to include interest-free loans to Nigerian students with a keen interest in skill-development programs.
Tinubu underlined the significance of accommodating those who opt for skill acquisition over traditional university paths. The President stressed that skill development is equally vital as obtaining academic qualifications and urged NELFUND to explore opportunities that cater for diverse young Nigerian talents.
In a statement, President Tinubu declared, “This is not an exclusive program. 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.”
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The President emphasized the importance of equity and inclusivity in the management of the program, ensuring that economically challenged yet qualified students have access to interest-free loans. He made it clear that there would be no compromise in the commitment to the disadvantaged citizens of the nation.
During a presentation to the President, Mr. Akintunde Sawyerr, Executive Secretary of NELFUND, outlined the technology-driven approach to the loan application process, aiming to minimize human interaction and eliminate the possibility of maladministration. Sawyerr assured that the program is perpetual, and funds earmarked for Nigerian students would be electronically transferred directly to institutions.
Furthermore, the Executive Secretary highlighted the implementation of a robust risk-mitigation mechanism to address potential challenges that may arise. Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), shed light on the funding sources available to ensure a smooth takeoff and sustainability of the program.
“Mr. President is permanently solving the problem of funding for education in Nigeria. The Education Tax Fund is being reviewed to additionally cater for the needs of our university students across all local government areas in the country as they seek to access vocational and traditional university education,” stated Dr. Adedeji.
