FG provides reasons for the delay in the commencement of student loans
The Nigeria Education Loan Fund portal for eligible students is set to open in March, according to the Federal Government. Dr. Akintunde Sawyer, the Executive Secretary of NELFund, revealed this in an interview with the News Agency of Nigeria in Abuja on Thursday, urging eligible students to register for fund access.
President Bola Tinubu signed the Access to Higher Education Bill into law on June 12, 2023, facilitating interest-free loans for indigent students in Nigerian tertiary institutions. Originally scheduled to commence between September and October 2023, the scheme faced unforeseen circumstances, resulting in a revised timeline to January.
Explaining the postponement of the scheme from its initial schedule, Sawyer clarified that the process is technically intricate, requiring meticulous preparation for effective implementation.
"The scheduled commencement for this month (March) has been delayed because we are committed to ensuring precision in its execution.
Unlike a political program where implementation is rushed regardless of functionality, we are focused on getting it right."
"This is a program that will likely extend beyond my tenure as a human being, not just as a Secretary. It's something we aim to administer thoroughly, so precision is crucial," he stated.
Sawyerr emphasized President Tinubu's dedication to ensuring that financial constraints do not hinder any student in Nigeria from pursuing tertiary education.
He further clarified that the scheme is tailored for indigent Nigerian students in tertiary institutions, and the application process will be conducted online.
"We've decided that all applicants should have the opportunity to benefit from this scheme, irrespective of their location, identity, or connections."
"We aim for an equitable process, and we will extensively publicize the portal. Prospective applicants can visit the website, where they will complete various forms and respond to specific questions.
"Depending on the data provided and their answers, the system will accurately determine their eligibility," explained Sawyer.
He also mentioned that the NELFund's recovery process from beneficiaries would initiate two years after the completion of the National Youth Service Scheme, as per the Federal Government's guidelines.
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