President Bola Tinubu has inaugurated the student loan, saying it is key to fighting poverty.

Tinubu says the student loan scheme aligned with his administration’s commitment to inclusiveness and assured sufficient funding to sustain the programme.

According to him, Democracy is all about inclusiveness, saying their target is to build a society on successful inclusiveness.

He added that education was the greatest weapon against poverty in any society, which he said was essential for vision, development, and successfully combating insecurity, including terrorism and banditry.

The President presented cheques to students from each of Nigeria’s six geo-political zones.

Executive Secretary of Nigerian Education Loan Fund, NELFUND, Akintunde Sawyer, announced that N32 billion was currently available for disbursement to kickstart the programme.

Sawyer said since the portal opened on May 25, 164,000 students have registered, with 103,000 applying for loans.

He said the initiative, which became law on April 3, 2024, as the Student Loans (Access to Higher Education) Act, aimed at empowering Nigerian youths by providing fair, transparent funding and removing financial barriers to educational opportunities.

“The effect of providing this opportunity for the neediest Nigerians, the people who probably will look after us, or whose decisions will impact on us in our old age, cannot be underestimated.

“And I’m sure you’ve all heard that fortune favours the brave and this courageous move will bring fortune not just to the President, but to the entire nation,” said Sawyer.

President, National Association of Nigerian Students, NANS, Lucky Emonefe, said Nigerian students were happy that the student loan, which was once a dream had become reality.