By Ihechi Enyinnaya
The All Progressives Congress (APC) Digital Force has described the Student Loan Act, signed into law by President Bola Ahmed Tinubu in June 2023, as one of the administration’s landmark achievements aimed at expanding access to higher education for Nigerian youths.
In a statement signed by its Director General, Pharm. Ikeagwuonwu Klinsmann, the group noted that the Act—formally known as the Access to Higher Education Act, 2023—established the Nigerian Education Loan Fund (NELFUND), which provides interest-free loans to students in public tertiary institutions across the country.
According to the APC Digital Force, the policy addresses longstanding challenges faced by Nigerian families in funding higher education, particularly rising tuition costs and economic pressures on households.
> “The Student Loan Act represents a significant step toward reducing financial barriers and empowering Nigerian youths to pursue their academic dreams without fear of exclusion,” the statement read.
Key Provisions
The Act makes loans available to all students admitted into accredited public universities, polytechnics, and colleges of education. Notably, the loans are interest-free, with repayment scheduled to commence two years after beneficiaries complete the National Youth Service Corps (NYSC). Repayments will be deducted directly from the salaries of employed graduates, while unemployed beneficiaries will have repayment deferred until they secure a job.
NELFUND, the statement explained, will oversee the scheme under strict regulations designed to ensure transparency, accountability, and equitable access. Safeguards have also been built into the law to prevent abuse of the program.
Benefits and Roadmap
For students, the scheme removes the fear of financial exclusion; for parents and guardians, it reduces the heavy burden of tuition fees; and for Nigeria as a whole, it is expected to build a stronger, more skilled workforce to drive innovation and economic growth.
The rollout of loan applications will begin in phases, starting with public universities. Application portals and detailed guidelines will be made available through official channels, while the government has pledged continuous monitoring to ensure smooth implementation.
FAQs Clarified
The APC Digital Force also addressed frequently asked questions, stressing that the loans are indeed interest-free and only repayable after NYSC. Graduates who remain unemployed will not be required to make repayments until they find jobs.
The group reiterated its commitment to promoting civic awareness, transparency, and accessibility by educating Nigerians on government programs and opportunities.