President Bola Ahmed Tinubu has directed the extension of interest-free loans to Nigerian students interested in skill-development programmes.
The President issued the directive at the State House on Monday after a briefing from Mr. Akintunde Sawyerr, Executive Secretary of NELFUND, on the build-up to the launch of the programme later in the month.
On the need for equity and inclusivity in the management of the programme, President Tinubu also directed the management of NELFUND to expand its focus area to cover skill acquisition.
The President stressed the importance of the scheme to accommodate those who may not want to pursue university education, noting that skill acquisition is as important as obtaining undergraduate and graduate academic qualifications.
“This is not an exclusive programme. 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. Of this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education.
“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,” President Tinubu added.
In his presentation to the President, the Executive Secretary of the Fund, Mr. Akintunde Sawyerr, said the loan application process will be technology-driven, limiting human interface and “eliminating any possibility of maladministration in the programme.”
“By design, this is a perpetual programme and will not terminate. The funds, earmarked for bonafide Nigerian students, will be disbursed directly to the institutions in the initial phase through electronic transfer. Our students will be catered to in a way that bypasses human interference through the full utilization of available technological platforms, in adherence to Your Excellency’s stated objectives,” he said.
He also said NELFUND has developed a robust risk-mitigation mechanism to address potential risks that may arise from the programme.