The Access to Higher Education Act, 2023 was signed into law by Tinubu on June 12, 2023, allowing impoverished students to get interest-free loans for their academic endeavors at any Nigerian postsecondary institution.
According to Dele Alake, a member of the Presidential Strategy Team at the time, the action was taken in "fulfillment of one of his campaign promises to liberalize funding of education.
" The Nigerian Education Loan Fund was also formed under the Act, sometimes referred to as the Students Loan Law, to handle all loan applications, approvals, payments, and reimbursements.
Even though the administration first declared that the program would begin in September, It experienced multiple setbacks, resulting in an indefinite postponement at the beginning of March.
The Tinubu mandate to broaden the program to include loans for vocational skills was cited by the Presidency as the reason for the delay.
Following a briefing by the NELFUND team, which was headed by Dr. Yusuf Sununu, the Minister of State for Education, The President gave the Fund instructions to offer interest-free loans to Nigerian students enrolled in skill-development programs on January 22.
Based on the need for the program to accommodate individuals who might not wish to pursue a university education, Tinubu made his decision, emphasizing that developing one's skills is just as important as earning undergraduate and graduate degrees.
"This program is not exclusive. It serves the needs of all of our youth. Nigerian youth exhibit talent in a variety of fields.
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This isn't just for people who wish to work as accountants, lawyers, or doctors.
It's also for people who want to create our country with their expert and trained hands. He had stated.
"In light of this, I have directed NELFUND to investigate all avenues for implementing skill-development initiatives, as not all individuals aspire to pursue a four-year degree."
Students can now acquire loans through the platform, enabling them to pursue their academic goals without financial limitations.
The statement claims that the portal offers a quick and user-friendly interface for students to submit their loan applications.
"We urge all qualified students to use this chance to make an investment in their future and advance the expansion and advancement of our country.
According to the statement, "Students can access the portal at www.nelf.gov.ng to begin application."