Interest-Free Student Loans Introduced to Curb Undergraduate Dropouts, Says Youth Development Minister

"The introduction of the student loan scheme reflects the President's commitment to ensuring that no child drops out of school due to an inability to pay fees," stated Minister Olawande, indicating the significance of the initiative for the ministry.

Jun 3, 2024 - 13:58

Interest-Free Student Loans Introduced to Curb Undergraduate Dropouts, Says Youth Development Minister

The Minister of State for Youth Development, Ayodele Olawande, has announced the implementation of a student loan scheme aimed at providing interest-free financial support for youths pursuing higher education in tertiary institutions.

Speaking to journalists in Abuja on Sunday, Minister Olawande emphasized that the initiative is part of President Bola Tinubu's "Renewed Hope Agenda" to ensure inclusivity for young people. He highlighted that the scheme aims to address financial barriers preventing undergraduates from completing their education.

"The introduction of the student loan scheme reflects the President's commitment to ensuring that no child drops out of school due to an inability to pay fees," stated Minister Olawande, underscoring the significance of the initiative for the ministry.

Advocating for a conducive environment for youth empowerment, Minister Olawande emphasized the pivotal role of young people in national development, citing that over 60% of Nigeria's population comprises youths.

He further disclosed that the scheme, facilitated through an online portal (https://nelf.gov.ng), is accessible to students enrolled in public tertiary and technical institutions. Stressing the simplicity of the application process, Minister Olawande assured that the loan disbursement process would be seamless, enabling students to focus on their studies without financial constraints.

Moreover, Minister Olawande emphasized the importance of diversifying educational pathways beyond traditional university education, highlighting the significance of technical skills in national development. He emphasized the need to equip young people with practical skills to meet the demands of the workforce, citing successful models from countries like China, India, and the United States.

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In conclusion, Minister Olawande reiterated the government's commitment to youth empowerment and urged stakeholders to support initiatives aimed at enhancing educational opportunities and fostering skill development among Nigerian youths.

The implementation of the student loan scheme aligns with the Higher Education Access Act, signed into law by President Tinubu in June 2023, underscoring the government's proactive efforts to address educational challenges and promote youth development.