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Nigeria's President Bola Ahmed Tinubu has directed the extension of the focus areas of student loans to encompass interest-free loans for Nigerian students keen on skill development programs.
The directive was issued following a briefing from the Executive Secretary of the Nigeria Education Loan Fund (NELFUND), Akintunde Sawyerr, at the Presidential Villa in Abuja on Monday.
President Tinubu emphasized that skill acquisition is as crucial as obtaining undergraduate and graduate degrees. He stressed the inclusivity of the program, acknowledging the diverse talents of young Nigerians in various fields.
President Tinubu said, “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.” He instructed NELFUND to explore opportunities for skill development programs, recognizing that not everyone desires a full university education.
NELFUND’s Executive Secretary, Akintunde Sawyerr, detailed the technology-driven loan application process, aiming to limit human interaction and eliminate the potential for maladministration in the program. He emphasized that the program is perpetual and designed to disburse funds directly to institutions through electronic transfer.
Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), spoke on the funding mechanism, stating that President Tinubu is addressing the funding challenges for education in Nigeria. The Education Tax Fund is under review to cater to the needs of students seeking vocational and traditional university education across all local government areas in the country.
Adedeji highlighted that the deployment of the education tax fund into the scheme is a way the government can be accountable to taxpayers in the country.
