The Chairman of the House of Representatives Committee on Polytechnic and Higher Technical Education, Gboyega Isiaka, revealed that as of September 2024, the Nigerian Education Loan Fund (NELFUND) has disbursed a total of N84.2 billion to students. This includes N27.5 billion allocated for institutional facilities and N56.7 billion for the upkeep of educational facilities.
Isiaka, who represents the Yewa North/Imeko-Afon Federal Constituency in Ogun State, made the announcement at the 36th annual conference of the Federal Government College, Maiduguri Old Students Association, held at Mitros Residences in Abeokuta. He highlighted the importance of the Nigerian Education Loan Fund in addressing the financial challenges students face in accessing higher education.
The NELFUND portal, Isiaka said, has seen a significant uptake, with 351,317 students registering on the platform. Out of this number, 258,943 students have applied for either institutional or upkeep loans, or both. This reflects a growing demand for educational financial support in the country.
“The numbers speak for themselves,” Isiaka said. “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 N84.2 billion has been disbursed to the applicants, comprising N27.5 billion for institutional facilities and N56.7 billion for upkeep facilities.”
He explained that the Students Loan Access to Higher Education Act of 2024 was designed to bridge the financial gap and ensure that deserving students could access quality higher education. The new bill, Isiaka explained, removed the barriers that had previously disqualified students from applying, such as their parents’ loan history.
Moreover, the guarantor requirement, which had been a stumbling block under previous legislation, has been eliminated. This allows students to apply for and receive loans based on their application and identity verification, without the need for a guarantor.
Unlike the 2022 bill, the new Act also does away with the family income threshold, enabling all Nigerian students to apply for loans and accept responsibility for repayment according to the Fund’s guidelines. This marks a significant shift in the approach to student loans in the country, broadening the scope of eligibility.
Isiaka emphasized that loan repayment would begin two years after completing the National Youth Service Corps (NYSC). However, students who are unable to secure employment or lack a source of income can request an extension of their repayment period by providing an affidavit stating their circumstances. In cases of death or other unforeseen circumstances, the loan would be forgiven, he added.
However, the lawmaker cautioned that any individual who provides false information to the Fund during the loan application or repayment process would be guilty of a felony and liable to imprisonment for up to three years.
Meanwhile, during the same event, the National President of the Federal Government College, Maiduguri Old Students Association, Chris Abu, expressed concern over the current state of security in Nigeria and its impact on educational institutions, particularly the Unity Schools, also known as Federal Government Colleges.
Abu lamented the growing indigenous student population in these schools due to security 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 percent, while the remaining 70 percent were students from other states and ethnic backgrounds,” he said.
He pointed out that the essence of Unity Schools was to foster national unity by bringing together students from diverse backgrounds. “But this has changed due to the security challenges. Currently, about 60 to 80 percent of the student population are indigenous students, which contradicts the purpose of these Federal Government Colleges, also called Unity Schools,” he added.
Deji Eniseyin, the State Chairman of FEGOCOMOSA, echoed Abu’s sentiments, emphasizing that the purpose of Unity Schools is to promote national unity and integration. “The purpose of the Unity Schools is to unite the country and foster integration,” Eniseyin said. “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.”
Eniseyin added that the annual conference aimed to further strengthen national unity across all divides, urging all sectors of society, including the federal, state, and local governments, as well as the private sector, to collaborate on improving the state of education and addressing the challenges facing the nation’s Unity Schools.
