Section 2: Objectives of the Fund.

The objectives of the Fund are to-(a) provide loans to qualified Nigerians to pay for tuition, fees, charges and upkeep during their course of study in approved tertiary institution, vocational and skills acquisition institutions in Nigeria;
(b) build, operate, and maintain a diversified pool of funds to provide loans to qualified applicants and ensure access to higher education, vocational training, and skills acquisition; and
(c) ensure the recovery of all debts due to the Fund from loans granted to qualified applicants except, where the Board is of the opinion that the borrower should be exempted from repaying his loan by reason of-
(i) death, or
(ii) incapacitation where such results in impossibility or undue difficulty in meeting repayment obligations.