In a groundbreaking move, President Bola Tinubu has instructed the Nigeria Education Loan Fund (NELFUND) to broaden its horizons by providing interest-free loans to Nigerian students pursuing skill-development programs. This directive came during a State House briefing on Monday by Mr. Akintunde Sawyerr, the Executive Secretary of NELFUND.

President Tinubu underscored the significance of accommodating individuals opting for skill acquisition over traditional university education. He emphasized that skill development is equally crucial to academic qualifications and declared, "This is not only for those aspiring to be doctors, lawyers, and accountants; it is also for those who aim to use their skilled and trained hands to contribute to nation-building."

The President stressed the program's commitment to equity and inclusivity, ensuring that accredited and qualified students, regardless of economic status, have access to loans for higher education. He stated, "There is no compromise in our commitment to the disadvantaged citizens of this nation."

Mr. Sawyerr outlined the technology-driven loan application process, designed to minimize human interaction and eliminate the potential for maladministration. He assured that the perpetual program's funds would be electronically transferred directly to institutions, reducing human interference in alignment with the President's objectives.

Furthermore, Mr. Sawyerr highlighted NELFUND's robust risk-mitigation mechanism to address potential challenges that may arise from the program. Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), elaborated on the funding mechanism, stating that President Tinubu's directive ensures a sustainable solution to education funding in Nigeria. The Education Tax Fund is under review to cater comprehensively to the needs of students seeking vocational and traditional university education.

This initiative signifies a transformative approach to education financing, emphasizing the diverse talents and aspirations of young Nigerians in nation-building. The program is set to launch later this month, marking a milestone in President Tinubu's commitment to inclusive and accessible education.