Education

FG Student Loan Fund Kicks off May 24

By Web News 529

The Federal Government, through the Nigerian Education Loan Fund, NELFund on Thursday, announced May 24, 2024, as the official date for “the opening of the portal for student loan applications.”

The announcement was made in a statement by the media lead for the NELFund, Mr Nasir Ayantogo.

Mr Ayantogo, in the statement, said the opening of the application portal marked a significant milestone in the commitment of President Bola Tinubu to “fostering accessible and inclusive education for all Nigerian students.”

On June 12, 2023, Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

A member of the a member of the then Presidential Strategy Team, Dele Alake, said Presidential Strategy Team, Mr Dele Alake, explained that the move was in “fulfillment of one of his campaign promises to liberalise funding of education”.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.

Although the government initially announced that the scheme would be launched in September, it suffered several delays leading to an indefinite postponement in early March.

The presidency had linked the delay to Tinubu’s directive to expand the scheme to include loans for vocational skills.

After receiving briefing from the NELFund team led by the Minister of State for Education, Dr Yusuf Sununu, on January 22, the president had directed the fund to extend interest-free loans to Nigerian students interested in skill-development programmes.

President Tinubu based his decision on the need for the scheme to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.

“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.”

“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.”

“In accordance with this, I have instructed NELFund to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” he had said.

Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.

The portal, according to the statement, provides a user-friendly interface for students to submit their loan applications conveniently.

“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation.

“Students can access the portal on www.nelf.gov.ng to begin application,” the statement said.

Punch/ Oluwayemisi Owonikoko

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Education

Reps Caution Tertiary Institutions on Tuition Increase

By Web News 444

Following the growing concerns that tertiary institutions might increase tuition fees on the heels of the recently passed Students Loan Act, the House of Representatives has warned against such a move.

It also resolved to convene a legislative summit on student loans and access to higher education with all stakeholders in the education sector.

This resolution followed the consideration of a motion moved at plenary by Terseer Ugbor, the member representing the Kwande/Ushongo federal constituency of Benue State.

Presenting the motion, Ugbor said the aim of the act was to enable students to borrow to fund their education, away from the traditional parental provision.

He said: “The use of students loans and educational credit schemes in most countries of the world is often justified on the grounds that it guarantees greater access to higher education for the less privileged citizens

“It is further predicated on the notion that education is an investment in human capital, which in turn promote individual development, economic growth and national productivity.

“After several years of unsuccessful attempts by successive administrations to introduce students loans, scholarships and other educational credit schemes, the 9th National Assembly passed the Students Loans (Access to Higher Education) Bill, 2023, which was recently signed into law by the president to provide the legal and institutional framework for implementation of a Students Loan Scheme in the country.

“While the objectives and intendment of the Students Loans (Access to Higher Education) Act, 2023 are patriotic and would impact positive access to higher education in Nigeria, especially among underprivileged citizens, there are several critical omissions and identifiable bottlenecks that would stultify or frustrate the successful implementation of the Act if immediate further legislative action is not taken to ensure its efficient implementation.

“The intendment of the Students Loans (Access to Higher Education) Act, 2023 is highly commendable and its enactment has been well received by a large segment of the general public, particularly Nigerian youths, the identified and observable lapses have the potential to frustrate its smooth implementation for the overall benefit of Nigerian students.

“There’s urgent need to convene a legislative summit with all key stakeholders to develop a strategy to ensure the smooth implementation of the Act for the benefit of the indigent Nigerian students.”

The motion when put to voice vote, received the support of the majority of lawmakers.

Vanguard/ Oluwayemisi Owonikoko

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