The Federal Government has extended the student loan scheme to state tertiary institutions across the country.
This was disclosed by the Managing Director of the Nigerian Education Loan Fund, Dr. Akintunde Sawyerr in Abuja, on Thursday.
He explained that students in State institutions across the country could apply for the loan facility when the second phase of the scheme commences on June 25.
However, according to Data from NELFUND’ websites indicate that no fewer than 336 State tertiary institutions students will benefit from the scheme. These comprise of universities, colleges of education and technical colleges.
The number of State universities in the country according to the National Universities Commission, NUC, website indicate are 63.
54 State Polytechnics, 57 State monothenics and 111 State Technical Colleges were listed on the National Board for Technical Education website. And the National Commission for Colleges of Education’s website shows that there are 51 State Colleges of Education in Nigeria.
According to NELFUND within days of opening its portal, no fewer than 60,000 students of Federal institutions have registered.
Recall that NELFUND opened its application portal in the first phase of the registration exercise on May 24.
The first phase of the scheme is for applicants from federal tertiary institutions. And it is expected that about 1.2 million students in the 226 Federal Universities, Polytechnics, Colleges of Education, and Technical Colleges were to benefit from the first phase.
Data obtained from the NUC and other agencies indicated that there are 226 federal tertiary institutions in the country. These comprise of 62 universities, 41 polytechnics, 96 monotechnics and 27 colleges of education.
In a press conference on Thursday, Sawyerr disclosed that the Fund would start receiving applications from state universities on June 25.
He, therefore, requested all state institutions to submit their students’ data immediately. This is in order to facilitate a smooth and seamless application process.
The NELFUND boss also added that the component for Skill Acquisition Loans would be launched in six months time.
He said, “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 Programme; providing training in various vocational and technical fields.
“This programme is designed to prepare students to meet the demands of the modern job market. And to foster entrepreneurship and innovation among our young people.”
Sawyerr added that over 60,000 applications had been received by the agency since registration for the first phase began last Friday.
He, however, cautioned that registrations did not necessarily translate to completed student applications. Adding that only 30,000 had successfully applied.
“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,” he said.
“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,” the NELFUND Executive Secretary assured.
Sawyerr also revealed that over 90 per cent of Federal tertiary institutions had submitted their students’ data to NELFUND. He regretted that only two Federal universities and five Federal polytechnics are yet to do so.
“We urge the remaining two Federal universities and five Federal polytechnics to expedite the process. This is to ensure that all eligible students can access our financial support,” he said.
Recall that President Bola Tinubu signed the Access to Higher Education Act, 2023, into law on June 12, 2023. The scheme is to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.
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