The development of Skill Acquisition Programs in Nigeria is about to receive a boost through sponsorship from Students Loan Scheme. More Nigerians can now acquire various skills of their choice even if they do not presently have the funds for the training. The funds will be provided by the Federal Government through the Student Loan Scheme, and payable in parts after completion of trainings.
This was made possible by a directive given to the management of the Nigeria Education Loan Fund – NELFUND by President Bola Ahmed Tinubu, to expand the scope of the interest free loan for Nigerian students to include those interested in Skill Development Programs.
The President issued the directive in Abuja last week after been briefed by the executive secretary of NELFUND Dr. Akintunde Sawyerr, saying it was important for the scheme to accommodate those who might not want to pursue University education, stressing that skill acquisition is as important as obtaining undergraduate and graduate academic qualifications.
The Nigerian Education Loan Fund (NELFUND) is one the re-assured hope agenda of President Tinubu as contained in the Access to Higher Education Act, 2023. The Act, mostly referred to as the Student Loan Law, seeks to provide loans primarily for less privileged Nigerian students to pay fees in any Nigerian tertiary institution.
The Act empowers NELFUND to handle all loan requests, grants, disbursement and recuperation of the loans provided. NELFUND will get its funding from multiple channels which include;
- One per cent of all profits accruing to the federal government from oil and other minerals.
- One per cent of taxes, levies and duties accruing to the federal government from the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS) and Nigerian Customs Service (NCS).
- Education bonds and education endowment fund schemes.
- Donations, gifts, grants, endowment and revenue accruing to the fund from any other source, according to the Act.
How to Apply
The Fund will soon role out the modality for application. However, the Executive Secretary of the fund, Dr. Sawyerr said the loan application process will be technology driven limiting human interface and eliminating any possibility of mismanagement in the program. He also said that NELFUND had developed a robust risk mitigation mechanism to address potential risks that might arise from the program.
This means that the application will be online through a dedicate registration portal. Stay tuned to this website to get the latest update as soon as the application form is available.
