Student Loan: Tinubu Extends Scheme to Skill Development Programmes

January 23, 2024
Student Loan Bill

By Adedapo Adesanya 

President Bola Tinubu has directed the management of the newly constituted Nigeria Education Loan Fund (NELFUND) to expand its focus area to students interested in skill-development programmes.

The President issued this directive after a briefing from the Executive Secretary of NELFUND, Mr Akintunde Sawyerr, on the build-up to the launch of the programme later in the month.

Mr Tinubu said it was important for the scheme to accommodate those who may not want to pursue university education, noting that skill acquisition is as important as obtaining 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 said.

Mr Tinubu emphasised the need for equity and inclusivity in the management of the programme, saying all economically challenged students must not be denied education at any level.

“No matter how economically challenged you are, accredited and qualified students will and must have access to this loan to advance their education in higher institutions. There is no compromise in our commitment to the disadvantaged citizens of this nation.”

In his presentation to the President, Sawyerr said the loan application process would be technology-driven, limiting human interface and “eliminating any possibility of maladministration in the programme.

“By design, this is a perpetual programme and will not terminate. The funds, earmarked for bona-fide Nigerian students, will be disbursed directly to the institutions in the initial phase through electronic transfer.

“Our students will be catered to in a way that bypasses human interference through the full utilization of available technological platforms,” he said.

Mr Sawyerr also said that NELFUND has developed a robust risk-mitigation mechanism to address potential risks that may arise from the programme.

Speaking on the funding of the programme, Mr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), said sources have been made available to ensure the smooth take-off and sustenance of the programme.

“By the directive of the President, the Education Tax Fund is being reviewed to additionally cater to the needs of our university students across all local government areas in the country as they seek to access vocational and traditional university education.

“Funding for the programme will be adequately covered,” he said.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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