The long-awaited student loan program in Nigeria is set to commence on Friday, benefiting 1.2 million students across federal tertiary institutions.
According to Akintunde Sawyerr, Managing Director/Chief Executive Officer of the Nigeria Education Loan Fund. Speaking at a pre-application sensitization press conference in Abuja on Monday, highlighted that students from federal universities, polytechnics, colleges of education, and technical colleges would be included in the first phase.
Valid View Network reports that data from the National Universities Commission reveals that Nigeria has 226 federal tertiary institutions, including 62 universities, 41 polytechnics, 96 monotechnics, and 27 colleges of education.
President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3.
The law empowers the Nigeria Education Loan Fund to provide loans for tuition, fees, and upkeep to qualified Nigerian students in approved public tertiary institutions and vocational and skills acquisition centers.
This new law replaces the Student Loan Act of 2023, removing the family income threshold so students can apply for loans independently.
Despite initial plans to launch the scheme in September, the government postponed it indefinitely.
The delay was attributed to Tinubu’s directive to expand the scheme to include vocational skills loans.
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Last Thursday, the Nigerian Education Loan Fund announced May 24 as the official date for opening the loan application portal.
Addressing journalists, Sawyerr explained that 1.2 million students in federal tertiary institutions would benefit initially, with the potential to expand to state-owned institutions later.
He urged eligible students to visit the website www.nelf.gov.ng from May 24 to apply. Requirements for the application include an admission letter from the Joint Admissions and Matriculation Board, National Identity Number, and Bank Verification Number.
The loan application process is designed to be user-friendly, with online support available to assist applicants.
A key feature of the program is the absence of physical contact between the loan applicant and NELFUND.
The portal offers a convenient interface for students to submit their applications.
Sawyerr emphasized the importance of the initiative, stating, “Education is a vital investment for the future. The student loan initiative is a testament to this commitment.”
He also mentioned that the loans would include monthly stipends for students’ upkeep, though the exact amount was not specified.
Additionally, the Federal Government has called on state governments to ensure the responsible and transparent use of matching grants allocated for the Universal Basic Education Commission (UBEC) program.
During a six-day training program for accountants and auditors in Abuja, UBEC’s Executive Secretary, Dr. Hamid Bobboyi, highlighted the need for financial officers to uphold integrity and avoid compromising standards under pressure from state officials.
The training aims to update participants on the revised accounting manual and provide a comprehensive understanding of financial infractions and sanctions. Bobboyi stressed the importance of adhering to existing rules and guidelines to ensure accountability and transparency in financial transactions.
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To safeguard the FGN-UBE Intervention Fund, UBEC’s Director of Finance and Accounts, Adamu Misau, noted that a new sanction regime, approved in 2022, would be implemented following the completion of the current training program.
This measure aims to ensure financial officers manage the funds responsibly and adhere to financial regulations and due process.
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