The Tinubu Stakeholders Forum (TSF) had praised the recent achievements of the Nigerian Education Loan Fund (NELFUND) in facilitating access to higher education for students across Nigeria.
TSF specifically noted, NELFUND’s disbursement of a total of N84.2 billion as of September 2024, enabling 258,943 students to pursue their academic dreams. This disbursement includes N27.5 billion allocated for institutional facilities and N56.7 billion for upkeep support. These funds have significantly reduced financial barriers for students, ensuring a smoother path to quality higher education.
The Chairman of TSF Ahmad Sajoh and the Secretary Josiah Afolabi noted the highlight of the House of Representatives Committee Chairman on Polytechnic and Higher Technical Education, Hon. Gboyega Isiaka on the remarkable progress of NELFUND during the 36th annual conference of the Federal Government College, Maiduguri Old Students Association, in Abeokuta.
The group noted that Isiaka emphasis: “The resuscitation of student loans, which began in 1972 but was later suspended, is a game changer as it can widen Nigerians’ access to affordable and qualitative higher education.’’
Isiaka had also said that as of the end of September 2024, the Nigerian Education Loan Fund (NELFUND) has made tremendous progress under President Bola Ahmed Tinubu’s administration, paving the way for a brighter future for our nation’s students.”
TSF noted that the Students Loan Access to Higher Education Act of 2024 has brought critical reforms to the loan application process, eliminating previous barriers such as guarantor requirements and family income thresholds.
“This reform has enabled all eligible Nigerian students to apply, emphasizing the importance of personal responsibility for loan repayment. Repayments are set to commence two years after completing the National Youth Service Corps (NYSC), with provisions for extensions based on unemployment status.
The TSF recognized that the success of NELFUND was more than just a reflection of impressive figures.
“It symbolizes hope, opportunity, and a steadfast commitment to empowering the next generation of Nigerian leaders. By bridging financial gaps and expanding access to education, NELFUND is laying the foundation for a stronger and more prosperous Nigeria.’’
TSF called on all stakeholders in the education sector to continue supporting NELFUND’s initiatives, as this aligns with President Tinubu’s vision of nurturing a knowledge-based society, saying: “ We believe that the sustained support of the federal government and stakeholders will ensure the long-term success of the program, thereby fostering national development through education.’’
