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The 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.
Of this amount, N27.5 billion was allocated for institutional facilities, while N56.7 billion went towards the upkeep of these facilities.
Isiaka, who represents the Yewa North/Imeko-Afon Federal Constituency in Ogun State, provided these details during the 36th annual conference of the Federal Government College, Maiduguri Old Students Association, held in Abeokuta on October 5, 2024. He highlighted that 351,317 students had registered on the NELFUND portal, with 258,943 of them applying for either institutional loans, upkeep loans, or both.
During his presentation on the topic, “Empowering the Next Generation: Education as a Catalyst for National Development (Student Loans Access to Higher Education Act 2024 in Perspective),” Isiaka elaborated on the key provisions of the Students Loan Access to Higher Education Act, 2024.
The Act, he said, aims to close the financial gap hindering access to higher education by ensuring that deserving students can secure loans without the bureaucratic hurdles of the past.
One of the notable changes in the new Act, according to Isiaka, is the removal of disqualification criteria related to an applicant’s parents’ loan history. Additionally, the guarantor requirement has been scrapped, allowing students to receive loans after their identity and application details have been verified.
Unlike the previous version of the bill passed in 2022, the updated Act also eliminates the family income threshold, which previously restricted loan access to students from low-income families. Now, all Nigerian students are eligible to apply for loans, taking personal responsibility for repayment under the guidelines set by the Fund.
Isiaka clarified that loan beneficiaries will be required to begin repayment two years after completing their National Youth Service Corps, NYSC, program. However, if they remain unemployed, they can request a repayment extension by submitting an affidavit confirming their lack of income.
In cases where the borrower passes away or is otherwise incapacitated by an “act of God,” the loan will be forgiven.
However, the law also carries strict penalties for those who attempt to defraud the system. Any individual found guilty of providing false information to the Fund with regard to loan repayment will face felony charges and could be sentenced to up to three years in prison.
In conclusion, Isiaka described the revival of student loans, which were initially introduced in 1972 but later suspended, as a pivotal development. He expressed optimism that the NELFUND will significantly enhance access to affordable, quality education for Nigerians, making it a key driver for national development.
“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 N27.5 billion for institutional facilities and N56.7 billion for upkeep facilities.
“This is more than just a statistic—it represents hope, opportunity, and a commitment to empowering our students to succeed.”
In his remarks, the National President of the Federal Government College, Maiduguri Old Students Association, Chris Abu, expressed deep concern over the security challenges currently plaguing Nigeria. He emphasized that these issues are jeopardizing the very foundation of the Federal Government Colleges, commonly referred to as Unity Schools, which were established to foster national integration.
Abu further lamented the deteriorating state of education in the country, highlighting the severe shortage of qualified personnel and the dilapidated infrastructure in many educational institutions. He condemned the poor conditions in schools, which have significantly hindered the delivery of quality education.
Calling for urgent collective action, Abu stressed that all levels of government—federal, state, and local—must collaborate with the private sector to effectively tackle these challenges. He urged for a unified approach to improve security and revitalize educational facilities across the country.
“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.”
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