On June 12, 2023, President Bola Tinubu enacted the Access to Higher Education Act, 2023, providing interest-free loans to financially disadvantaged students for their studies at any Nigerian university or college.
Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND), announced the extension of the federal government’s student loan scheme to state universities during a press briefing in Abuja on May 30. Since its launch, the NELFUND website has attracted over 60,000 visitors.
Sawyerr noted that over 90% of federal institutions have submitted their student lists, with only two federal universities and two federal polytechnics yet to comply. He also mentioned plans to extend the loan scheme to students at state universities within the next three weeks.
The Access to Higher Education Act, 2023, fulfills one of President Tinubu’s campaign promises to liberalize education funding, as stated by Dele Alake, a member of the then Presidential Strategy Team. The Act, also known as the Students Loan Law, established the Nigerian Education Loan Fund to handle all loan requests, grants, disbursements, and recoveries.
Initially planned for launch in September, the scheme faced delays, leading to an indefinite postponement in early March. The Presidency attributed the delay to President Tinubu’s directive to expand the scheme to include loans for vocational skills.
On January 22, after being briefed by the NELFUND team led by the Minister of State for Education, Dr. Yusuf Sununu, the President instructed the Fund to offer interest-free loans to Nigerian students interested in skill development programs. Tinubu emphasized the importance of including those interested in skill acquisition, highlighting its significance alongside academic degrees.