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The Act, generally known as the College students Mortgage Regulation, additionally established the Nigerian Schooling Mortgage Fund (NELFUND) to deal with the processing, granting, disbursement, and restoration of those loans.
Initially, the federal government deliberate to launch the scheme in September 2023, nevertheless it confronted a number of delays, resulting in an indefinite postponement in early March.
The Presidency attributed the delay to Tinubu’s directive to increase the scheme to incorporate loans for vocational abilities.
Following a briefing from the NELFUND staff led by the Minister of State for Schooling, Dr. Yusuf Sununu, on January 22, President Tinubu directed the Fund to increase interest-free loans to Nigerian college students thinking about skill-development applications.
Tinubu emphasised the significance of accommodating those that could not wish to pursue a college training, highlighting that talent acquisition is as essential as acquiring undergraduate and graduate tutorial {qualifications}.
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