President Bola Tinubu on Monday directed the administration of the Nigeria Training Mortgage Fund to offer interest-free loans to Nigerian college students fascinated about abilities improvement programmes.
This adopted a briefing by the Govt Secretary of NELFUND, Mr Akintunde Sawyerr, on the lead-up to the launch of this system later within the month.
Particular Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this in an announcement he signed on Monday, captioned: “President Tinubu to steer growth of scholar mortgage program to incorporate abilities improvement.”
Tinubu primarily based his determination on the necessity for this system to cater to those that could not want to pursue a college training, noting that buying abilities is as vital as acquiring educational {qualifications}.
“This isn’t an unique program. It focuses on all our younger individuals. Younger Nigerians are gifted in a number of areas.
“This isn’t simply for individuals who need to turn out to be medical doctors, attorneys and accountants. It is usually for individuals who aspire to make use of their expert and skilled arms to construct our nation.
“According to this, I’ve directed NELFUND to discover all choices to introduce abilities improvement packages as a result of not everybody desires to pursue a full college training,” he mentioned.
On June 12, 2023, President Bola Tinubu signed the Scholar Mortgage Invoice into legislation. The transfer was “the success of one in every of his marketing campaign guarantees to liberalize training financing,” a member of the then-presidential technique staff, Dele Alake, informed reporters. The legislation permits poor college students to entry loans at interest-free charges
Declaring open the twenty ninth session of the Nigeria Annual Financial Summit in Abuja on October 23, 2023, the President mentioned: “By January 2024, the brand new scholar mortgage program ought to start. For the way forward for our kids and college students we are saying: no extra strikes!”
Nonetheless, as January approaches its penultimate week, issues concerning the coverage's fast implementation stay.
Talking on Monday, President Tinubu emphasised the necessity for fairness and inclusivity within the administration of the programme, stating: “Irrespective of how economically challenged you’re, accredited and certified college students will and will have entry to this mortgage to additional their training at greater establishments. .
“There isn’t a compromise in our dedication to the underprivileged residents of this nation.”
In his presentation to the President, the Govt Secretary of the Fund, Mr. Akintunde Sawyerr, mentioned the mortgage software course of will probably be technology-driven, lowering human interface and “eliminating any risk of mismanagement in this system.”
He mentioned, “By its very nature this can be a perpetual program and it’ll not finish. The cash, meant for bona fide Nigerian college students, will probably be disbursed on to the establishments through digital switch within the preliminary section.
“Our college students will probably be cared for in a way that circumvents human intervention by making full use of accessible technological platforms, according to Your Excellency's goals.”
Sawyerr additionally mentioned that NELFUND has developed a sturdy threat mitigation mechanism to handle potential dangers which will come up from this system.
Dr. Talking on the financing mechanism of the programme, Zacch Adedeji, Govt Chairman, Federal Inland Income Service, mentioned funding sources such because the Training Tax Fund have been made out there to make sure the graceful take-off and upkeep of the programme.
“Mr President is within the strategy of lastly fixing the issue of financing training in Nigeria. By order of the President, the Training Tax Fund is being revised to moreover deal with the wants of our college college students in all native authorities areas of the nation as they search to entry vocational and conventional college training. Funding for this system will probably be adequately lined,” he mentioned.
