The Nigerian Education Loan Fund (NELFUND) has successfully disbursed a total of N84.2 billion to 258,943 students as part of a new initiative aimed at increasing access to higher education across the country.
Senator Gboyega Isiaka, the House of Representatives Committee Chairman on Polytechnic and Higher Technical Education, announced this development at the 36th annual conference of the Federal Government College, Maiduguri Old Students Association in Abeokuta on Saturday.
As of September 2024, a total of 351,317 students have registered on the NELFUND portal, with 258,943 applying for loans for institutional and upkeep purposes.
The disbursed amount includes N27.5 billion for institutional loans and N56.7 billion for upkeep facilities.
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“This is more than just a statistic – it represents hope, opportunity, and a commitment to empowering our students to succeed,” Isiaka stated, highlighting the positive impact of the program under President Bola Ahmed Tinubu’s administration.
The recently introduced Student Loan Access to Higher Education Act, 2024, aims to eliminate barriers that previously hindered student applicants, including those related to parental loan history and income thresholds.
The lawmaker emphasized that the revised guidelines allow all Nigerian students to apply for loans and accept responsibility for repayment based on the Fund’s regulations.
Beneficiaries will start repayment two years after completing their National Youth Service Corps, with provisions for extensions for those facing financial difficulties.
Additionally, loans will be forgiven in cases of death or circumstances beyond the borrower’s control, although fraudulent statements may result in a three-year prison sentence.
This revitalization of the student loan program, which originally began in 1972 but was later suspended, is seen as a transformative step towards providing affordable and quality higher education in Nigeria.
Mr. Chris Abu, National President of the Federal Government College, Maiduguri Old Students Association, addressed the challenges of insecurity affecting education in Nigeria, noting a significant demographic shift in student populations at unity schools.
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“The essence of unity school is to bring together students of diverse backgrounds and ethnicity, promoting the unity of the country,” he said, urging collective efforts to address educational infrastructure and resources.
Professor Joy Odedina, an alumna of the college, called for the return of history to the school curriculum, stressing the importance of a well-rounded education that fosters national identity and integration.
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