Nigeria's National Assembly to Expand Student Loan Scheme to 7 Million Beneficiaries

Nigeria's National Assembly is set to significantly expand its student loan scheme, aiming to reach 7 million beneficiaries. This ambitious plan follows the fund's successful disbursement of over 282 billion naira (approximately $180 million USD) to 1.6 million students since its inception.

The Nigerian Education Loan Fund (NELFUND) has been instrumental in providing financial support for tertiary education. The proposed expansion signifies a commitment to increasing access to higher education and vocational training across the country. Officials indicate that the scheme will broaden its scope to encompass not only university students but also those pursuing vocational, technical, and skills acquisition programs.

This move is expected to alleviate financial burdens for many Nigerian families and encourage greater participation in education and skill development. The National Assembly's push for expansion underscores the perceived importance of the loan scheme in addressing educational access challenges and fostering a more skilled workforce for Nigeria's future.