President Bola Tinubu has said the Nigerian Education Loan Fund (NELFUND) will help ensure that children from low-income families do not abandon higher education because their parents cannot afford the cost.
In his Independence Day address on Thursday, Mr Tinubu listed the student loan scheme among measures his administration is implementing to support vulnerable Nigerians.
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“It is why the Nigerian Education Loan Fund is ensuring that the child of a low-income family need not surrender the dream of higher education simply because his parents cannot afford the fees,” Mr Tinubu said.
The president also linked the student loan scheme to his administration’s effort to reduce poverty and expand opportunities for young Nigerians.
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“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently.”
He said the government would strengthen support for poor households while pursuing economic growth.
Mr Tinubu said the government’s objective was not merely to manage poverty but to build an economy capable of creating opportunities for Nigerians.
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He also said the government would strengthen basic education and other public services in collaboration with state and local governments.
Students Loan
The student loan scheme established by Mr Tinubu’s administration provides interest-free loans to Nigerian students in public tertiary institutions to cover institutional charges and upkeep.
NELFUND said more than 1.4 million students across 356 tertiary institutions have benefited from the scheme since its inception in 2024.
The Fund pays students’ school fees directly to universities and provides an optional ₦20,000 monthly upkeep allowance.
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