LAGOS, Nigeria (VOICE OF NAIJA)-The Nigerian government reports that about 30,000 students have successfully applied for its loan scheme within seven days of the portal’s launch on May 24, 2024.
The Managing Director of the Nigerian Education Loan Fund, Akintunde Sawyerr disclosed this in Abuja on Thursday during an update on the scheme.
Sawyerr stated that the roughly 30,000 students who have applied are currently undergoing the approval evaluation process.
He also announced that applications for state higher institutions will open on June 25, 2024.
He added that the scheme aims to not only offer financial support to students but also to equip youths with employable skills.
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He announced that NELFUND will initiate comprehensive skills acquisition programs in various vocational and technical fields.
“Beyond financial assistance, NELFUND recognizes the profound importance of equipping our youth with practical, market-relevant skills.
“Six months from today, we will launch a comprehensive skills acquisition program, providing training in various vocational and technical fields.
“This program is designed to prepare students to meet the demands of the modern job market, fostering entrepreneurship and innovation among our young people.
“Sixty thousand are those who have registered on the platform. About 30,000 have successfully applied for the loan but that does not mean the 30,000 have been approved. Up until this point, nobody has been given the loan. Now is the time for evaluation.
“The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand,” he said.
It is noteworthy that President Bola Tinubu signed the Access to Higher Education Act, 2023, into law to provide financial assistance to Nigerian students.