Politics
Tinubu Issues New Guidelines For Student Loan Program
Tinubu Issues New Guidelines For Student Loan Program....KINDLY READ THE FULL STORY HERE▶
President Bola Tinubu has instructed the Nigeria Education Loan Fund (NELFUND) to broaden its scope by offering interest-free loans to Nigerian students interested in skill development programs. The directive came during a briefing at the State House on Monday, where Mr. Akintunde Sawyerr, Executive Secretary of NELFUND, provided an update on the upcoming program launch…….CONTINUE READING
The President highlighted the importance of accommodating individuals not inclined towards traditional university education, emphasizing the significance of skill acquisition alongside academic qualifications. Tinubu emphasized the inclusive nature of the program, stating that it caters to all young Nigerians with diverse talents and aspirations.
“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 build our nation with their skilled and trained hands. By this, I have instructed NELFUND to explore all opportunities to teach skill-development programs because not everybody wants to go through a full university education,” he remarked.
President Tinubu stressed the importance of equity and inclusivity in managing the program, ensuring that economically challenged yet qualified students have access to the interest-free loans for their higher education. He affirmed the commitment to disadvantaged citizens and their educational advancement.
During his presentation, Sawyerr highlighted the technology-driven approach to the loan application process, minimizing human interaction and preventing maladministration. He assured the President that the perpetual program would disburse funds directly to institutions through electronic transfers, leveraging technological platforms to align with the President’s objectives and minimize interference.
Addressing potential risks, Sawyerr discussed NELFUND’s robust risk-mitigation mechanism designed to handle challenges that may arise from the program.
Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), provided insights into the funding mechanism, indicating that funding sources have been secured to ensure a smooth launch and sustained operation of the program. The President’s directive involves a review of the Education Tax Fund to additionally support university students seeking both vocational and traditional education across all local government areas in the country, ensuring comprehensive coverage and adequate funding for the program.
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