Nigerian Education Loan Fund
.png) | |
| Educational Agency overview | |
|---|---|
| Formed | 3 April 2024 |
| Jurisdiction | Federal government of Nigeria |
| Headquarters | Abuja |
| Educational Agency executive |
|
The Nigerian Education Loan Fund (NELFUND) is a pivotal financial institution established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024.[1] It was signed into law by President Bola Tinubu on 3 April 2024, marking a historic step towards ensuring sustainable higher education and functional skill development for Nigerian students and young people.[2][3][4][5]
Background
[edit]The NELFUND was created to address the shortcomings of the previous Student Loan Act of 2023, which faced challenges related to governance, management, loan purposes, eligibility criteria, application methods, repayment provisions, and loan recovery.[6][7]
Objectives
[edit]The primary objective of NELFUND is to provide financial support to qualified Nigerians for tuition and other fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions within Nigeria.[8][9][10]
Structure and governance
[edit]NELFUND operates as a body corporate with the power to sue and be sued, acquire, hold, and dispose of property for its functions. It is governed by a board of directors comprising representatives from relevant ministries, regulatory bodies, and participating agencies, including the Federal Ministries of Finance and Education, among others. The management operations are distinct from governance functions, with a management team led by a managing director, Akintunde Sawyerr responsible for the day-to-day operations.[11][12][13][14][15][16][17]
NELFUND introduced an online portal in 2024 to streamline student loan application processes, offering detailed guidelines, eligibility criteria, and required documentation for transparency and accessibility.[18][19]
Additionally, NELFUND introduced a student loan repayment strategy with flexible plans based on graduates' income levels, grace periods before repayment starts, and loan consolidation options.[20]This approach aims to ease the financial burden on graduates and improve loan recovery rates.[21]
Disbursement
[edit]On 23 August 2024, the management of NELFUND published the list of institutions that received tuition fee payments for students in their respective institutions. It showed that the sum of N2,946,927,155 had been disbursed to 19 institutions across the country with 27,667 students benefiting.[22]
The 19 institutions that received the payment on behalf of their students are:
- University of Maiduguri: N589,001,500
- University of Ibadan: N201,114,650
- University of Ilorin: N52,897,890
- University of Benin: N24,412,500
- Federal University, Dutsin-Ma: N304,961,800
- Bayero University, Kano: N853,775,000
- Federal College of Education, Abeokuta: N1,945,700
- Federal University of Technology, Minna: N62,928,600
- Obafemi Awolowo University, Ile Ife: N50,414,000
- Federal Polytechnic, Ilaro: N8,347,465
- University of Lagos: N122,494,400
- University of Jos: N209,320,000
- Federal College of Education (Technical), Gusau: N15,600,200
- Federal College of Education (Special), Oyo: N18,502,500
- Federal University, Dutse: N207,106,000
- Federal University, Birnin-Kebbi: N130,002,800
- Modibbo Adama University, Adamawa: N83,837,850
- Federal Polytechnic, Bauchi: N7,218,800
- Federal Polytechnic, Mubi: N2,045,500
On 6 September 2024, the loan agency announced that it has disbursed the sum of N2,416,183,516.80 to additional 40 institutions[23] to bring the total disbursements to institutions to 59.
References
[edit]- ^ "In Detail: The Student Loan (Access to Higher Education) Act, 2024".
- ^ Sulaimon, Adekunle (3 April 2024). "BREAKING: Tinubu signs student loan bill into law". Punch Newspapers. Retrieved 19 April 2024.
- ^ President Tinubu Signs Reneacted Student Loan Bill Into Law, Approves Management Team. Retrieved 19 April 2024 – via www.youtube.com.
- ^ Nda-Isaiah, Jonathan (4 April 2024). "Again, Tinubu Signs Student Loan Bill Into Law". Retrieved 19 April 2024.
- ^ Suleiman, Qosim; Ileyemi, Mariam (12 June 2023). "UPDATED: Nigerian president signs student loan bill into law". www.premiumtimesng.com. Retrieved 19 April 2024.
- ^ Techeconomy (5 April 2024). "Why Student Loan Law Was Amended: The NELFUND and FIRS Connections". Tech | Business | Economy. Retrieved 19 April 2024.
- ^ "New Act Sets to Implement Loans to Students – PLAC Legist". Retrieved 19 April 2024.
- ^ Times, Premium (19 April 2024). "Students' loans: Clarifying the misconceptions, By Frederick Femi Akinfala". Premium Times Nigeria. Retrieved 19 April 2024.
- ^ Ademola, Cyrus (5 April 2024). "10 things to know about the newly revised 2024 Student Loan Act". Nairametrics. Retrieved 19 April 2024.
- ^ Nda-Isaiah, Jonathan (5 April 2024). "Repealed Student Loan Act Was Unimplementable – Presidency". Leadership News. Retrieved 19 April 2024.
- ^ Nda-Isaiah, Jonathan (4 April 2024). "Why Student Loan Law Was Amended — Presidency". Retrieved 19 April 2024.
- ^ Onyedinefu, Godsgift (20 March 2024). "What you need to know about the Student Loan Bill passed today". Businessday NG. Retrieved 19 April 2024.
- ^ "Senate Passes Students Loan Act Amendment Bill - THISDAYLIVE". www.thisdaylive.com. Retrieved 19 April 2024.
- ^ "Senate passes student loan bill". The Guardian Nigeria News - Nigeria and World News. 21 March 2024. Retrieved 19 April 2024.
- ^ Chioma, Unini (6 April 2024). "Tinubu Appoints Akintunde Sawyerr As NELFUND Managing Director". TheNigeriaLawyer. Retrieved 19 April 2024.
- ^ Angbulu, Stephen (5 April 2024). "Student loan: Tinubu appoints new management team for NELFund". Punch Newspapers. Retrieved 19 April 2024.
- ^ "Student Loan Applications in Nigeria: Key Dates and Essential Information for Aspiring Students". 18 May 2024. Retrieved 15 July 2024.
- ^ "NELFUND Student Loan Portal Goes Live: A Comprehensive Guide to Application". Naijaecho.com.ng. 24 May 2024. Retrieved 15 July 2024.
- ^ Suleiman, Qosim (10 July 2024). "Student Loan: NELFUND onboards 12 more state-owned institutions". Premium Times Nigeria. Retrieved 15 July 2024.
- ^ "NELFUND Unveils Student Loan Repayment Strategy". Naijaecho.com.ng. 1 June 2024. Retrieved 15 July 2024.
- ^ Ademola, Cyrus (10 July 2024). "Full list: NELFUND okays student loan application for 12 more state-owned tertiary institutions". Nairametrics. Retrieved 15 July 2024.
- ^ Ajisafe, Olayiwola (23 August 2024). "[FULL LIST] Student loan: UNILAG, OAU, others receive N2.9bn from NELFUND". Punch Newspapers. Retrieved 25 August 2024.
- ^ Opeyemi, Dorcas (27 August 2024). "How Much Has NELFUND Disbursed To Institutions To Date?". Retrieved 9 September 2024.
 | This article about government in Nigeria is a stub. You can help Wikipedia by expanding it. |
- ^ Aminu, Khalid (20 October 2024). "How to Apply for Student Loan in Nigeria by NELFUND". EduCareers.com.ng.