Tinubu orders expansion of student-loan to include skill development

 In a move to promote comprehensive education and skill development, President Bola Tinubu has directed the Nigeria Education Loan Fund (NELFUND) to broaden its focus by extending interest-free loans to Nigerian students interested in skill development programs. This directive comes after a detailed briefing from Mr. Akintunde Sawyerr, the Executive Secretary of NELFUND, on the impending launch of the program later this month.

President Tinubu underscored the importance of accommodating individuals who may opt for skill acquisition over traditional university education. He emphasized that skill development is equally vital as obtaining academic qualifications, whether at the undergraduate or graduate level. The President stated, “This is not an exclusive program. 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 line with this vision, President Tinubu instructed NELFUND to explore all opportunities to incorporate skill development programs, recognizing that not everyone wishes to pursue a full university education.

Highlighting the need for equity and inclusivity, the President stated, “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.”

During the presentation to the President, Mr. Akintunde Sawyerr, the Executive Secretary of NELFUND, outlined that the loan application process would be technology-driven to limit human interface and eliminate the possibility of maladministration. He assured that the program, designed as a perpetual initiative, would disburse funds directly to institutions through electronic transfers, minimizing human interference and aligning with the President’s objectives.

Mr. Sawyerr also highlighted NELFUND’s robust risk-mitigation mechanism to address potential risks arising from the program.

Addressing the funding mechanism, Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), affirmed that funding sources have been made available to ensure the smooth take-off and sustainability of the program. He stated, “Mr. President is permanently solving the problem of funding for education in Nigeria,” highlighting the ongoing review of the Education Tax Fund to cater to the needs of students seeking vocational and traditional university education across all local government areas in the country.

The expanded NELFUND program reflects President Tinubu’s commitment to holistic education, emphasizing the significance of both academic qualifications and practical skills for the development of the nation.