Report shows that Nigerian students who applied for loans through the Nigerian Education Loan Fund (NELFUND), have received a whole sum disbursement of N84.2billion as of September, 2024.
This is coming from the House of Representatives Committee Chairman on Polytechnic and Higher Technical Education, Gboyega Isiaka, while speaking at the 36th annual conference of Federal Government College, Maiduguri Old Students Association held at Mitros Residences, on Saturday in Abeokuta.
At the conference, the legislator spoke on Empowering The Next Generation: Education As a Catalyst For National Development (Student Loans Access To Higher Education Act 2024 in Perspective).
The lawmaker who is representing Yewa North/Imeko-Afon Federal Constituency in Ogun State, said that out of 351,317 students that registered on NELFUND portal, 258,943 of them applied for either institutional or upkeep purposes.
Senator Isiaka said that the Students Loan Access to Higher Education Act, 2024, is targeted at making sure that deserving students can access quality higher education despite financial restrictions.
He further explained that the new bill eradicates challenges that previously disqualified student applications, saying that the guarantor requirement has been cancelled, thereby allowing students to apply for and obtain loans.
The loan application covers tuition fees, other school fees, and maintenance allowances.
Isiaka also mentioned that the new bill as against that of 2022 has equally removed the family income threshold, enabling all Nigerian students to apply for loans while accepting responsibility for repayment according to the loan's terms and conditions.
According to him, beneficiaries of the loan are expected to make a repayment after two years after observing the National Youth Service Corps.
The beneficiaries can equally request an extension of the enforcement of the payment policy by providing an affidavit indicating they are not employed and receiving no income at the time.
The Lawmaker explained that, at death or inability to repay, the loan will be forgiven, adding any person who provides a false statement to the Fund under the loan repayment section will be guilty of a felony charge and liable to imprisonment for three years.
He further pointed out that the resuscitation of the student loans which started in 1972 but was later suspended is a game changer as it can provide access to affordable and quality higher education in the country.
“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.
“The numbers speak for themselves: 351,317 students have registered on the NELFUND portal out of which 258,943 have applied for either institutional or Upkeep loan or both.
“A total of N84.2 billion have thus far been disbursed to the applicants comprising of N27.5 billion and N56.7 billion in institutional and upkeep facilities respectively.
“This is more than just a statistic – it represents hope, opportunity, and a commitment to empowering our students to succeed” the lawmaker said.
