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The House of Representatives Committee Chairman on Polytechnic and Higher Technical Education, Gboyega Isiaka, says the Nigerian Education Loan Fund has disbursed N84.2bn to applicants as of September 2024.
The disbursements, he said, included N27.5bn for institutional facilities and N56.7bn for upkeep of facilities.
Isiaka, who represents Yewa North/Imeko-Afon Federal Constituency in Ogun State, said 351,317 students had registered on the NELFUND portal, out of which 258,943 had applied for either institutional or upkeep loans, or both.
The federal lawmaker disclosed this on Saturday at the 36th annual conference of the Federal Government College, Maiduguri Old Students Association, held at Mitros Residences, Abeokuta.
Isiaka spoke on ‘Empowering the Next Generation: Education as a Catalyst for National Development (Student Loans Access to Higher Education Act 2024 in Perspective)’.
He stated that the Students Loan Access to Higher Education Act, 2024 aims to bridge the financial gap, ensuring that deserving students can access quality higher education.
Isiaka explained that the new bill removed obstacles that previously disqualified student applicants based on their parents’ loan history.
The guarantor requirement has also been eliminated, allowing students to apply for and receive loans subject to application and identity verification guidelines.
He added that, unlike the previous 2022 bill, the new Act has eliminated the family income threshold, enabling all Nigerian students to apply for loans and accept responsibility for repayment according to the Fund’s guidelines.
The lawmaker emphasised that beneficiaries of the loan will start repayment two years after completing the National Youth Service Corps.
However, beneficiaries can request an extension of repayment by providing an affidavit indicating they are not employed and have no source of income.
He noted that in the event of death or other acts of God that cause an inability to repay, the loan would be forgiven.
However, any person who provides false statements to the Fund under the loan repayment section will be guilty of a felony and liable to imprisonment for three years.
Isiaka remarked that the resuscitation of student loans, which started in 1972 but was later suspended, is a game changer as it had the potential to expand Nigerians’ access to 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 said.
“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 loans, or both.
“A total of N84.2bn has been disbursed to the applicants, comprising N27.5bn for institutional facilities and N56.7b for upkeep facilities.
“This is more than just a statistic—it represents hope, opportunity, and a commitment to empowering our students to succeed.”
Speaking with journalists at the event, the National President of the Federal Government College, Maiduguri Old Students Association, Mr. Chris Abu, decried the security challenges in the country, stating that they were threatening the essence of the Federal Government Colleges, commonly known as Unity Schools.
Abu also lamented the current state of education in the country, condemning the grossly inadequate human resources and the poor state of infrastructure in educational facilities.
He stressed that the federal, state, and local governments, along with the private sector, must come together to address these challenges.
“I feel a bit disheartened that the status quo has changed in our Federal Government Colleges. In the past, while we were at the Federal Government College, Maiduguri, Borno State, the population of indigenous students among the student body was not more than 30 per cent while the remaining 70 per cent were students from other states and ethnic backgrounds,” he said.
“But this has changed due to the security challenges. Currently, about 60 to 80 per cent of the student population are indigenous students, which contradicts the purpose of these Federal Government Colleges, also called Unity Schools. The essence of Unity Schools is to bring together students of diverse backgrounds and ethnicities to promote national unity and integration.”
The State Chairman of FEGOCOMOSA, Deji Eniseyin, stated that the annual conference aimed to further strengthen national unity across all divides.
Eniseyin said, “The purpose of the Unity Schools is to unite the country and foster integration. While we were in school in the early 90s, we had students from other parts of the country. At an early age, we got to understand the diverse nature of the country. It speaks volumes about strengthening the unity of the nation.”
