NELFUND Student Loan Distribution: A Report From The Representative

NELFUND Student Loan Distribution: A Report From The RepresentativeThe Chairman of the House of Representatives Committee on Polytechnic and Higher Technical Education, Gboyega Isiaka, has announced that the Nigerian Education Loan Fund (NELFUND) has disbursed a total of N84.2 billion to applicants as of September 2024. This amount includes N27.5 billion allocated for institutional facilities and N56.7 billion for the upkeep of existing facilities.

Representing the Yewa North/Imeko-Afon Federal Constituency in Ogun State, Isiaka made this announcement during the 36th annual conference of the Federal Government College, Maiduguri Old Students Association, held at Mitros Residences in Abeokuta.

Speaking on the theme “Empowering the Next Generation: Education as a Catalyst for National Development (Student Loans Access to Higher Education Act 2024 in Perspective),” Isiaka highlighted the objectives of the Students Loan Access to Higher Education Act, 2024. He stated that the Act aims to eliminate financial barriers, ensuring that deserving students can obtain quality higher education.

The new legislation removes previous obstacles that disqualified applicants based on their parents’ loan history and eliminates the requirement for a guarantor, allowing students to apply for loans subject to application and identity verification. Unlike the previous 2022 bill, the new Act does not impose a family income threshold, enabling all Nigerian students to apply for loans and take responsibility for their repayments according to the Fund’s guidelines.

Isiaka emphasized that loan beneficiaries will begin repayment two years after completing their National Youth Service Corps (NYSC). However, they can request an extension by submitting an affidavit proving they are unemployed and lack a source of income. He noted that in cases of death or unforeseen circumstances preventing repayment, the loan would be forgiven. Conversely, individuals providing false information to the Fund regarding loan repayment will face felony charges and a potential three-year imprisonment.

He remarked on the revival of student loans, which had been suspended since their inception in 1972, calling it a transformative opportunity for Nigerians seeking affordable and quality higher education. “As of the end of September 2024, the Nigerian Education Loan Fund has made tremendous progress under President Bola Ahmed Tinubu’s administration, paving the way for a brighter future for our nation’s students,” he stated. “The statistics reflect this: 351,317 students have registered on the NELFUND portal, with 258,943 applying for either institutional or upkeep loans. A total of N84.2 billion has been disbursed, comprising N27.5 billion for institutional facilities and N56.7 billion for upkeep. This represents hope, opportunity, and a commitment to empowering our students to succeed.”

In a discussion with journalists at the event, Chris Abu, the National President of the Federal Government College, Maiduguri Old Students Association, expressed concern over security challenges in the country, which he believes threaten the essence of Federal Government Colleges, often referred to as Unity Schools. He criticized the current state of education, highlighting insufficient human resources and inadequate infrastructure.

Abu lamented the changing demographics of the student population in these schools, noting that previously, indigenous students represented less than 30% of the student body, with the remaining 70% coming from other states and ethnic backgrounds. Now, due to security issues, indigenous students make up 60 to 80% of the population, contradicting the objective of promoting national unity and integration.

Deji Eniseyin, the State Chairman of FEGOCOMOSA, stated that the annual conference aimed to reinforce national unity across various divides. He reflected on the purpose of Unity Schools, emphasizing their role in fostering integration among students from diverse backgrounds, which he believes is essential for strengthening national unity.

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