The Presidency announced on Wednesday that the Tertiary Education Trust Fund (TETFUND) will allocate 30% of its resources to support the Nigerian Education Loan Fund (NELFUND) for student loans.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated this while briefing correspondents at the Presidential Villa in Abuja.
He discussed the Economic Stabilisation Bill, saying, “The amendment to the TETFUND Act is crucial for enhancing student access to education.”
“The funds previously allocated for infrastructure will now support student loans, ensuring that all children can attend school, regardless of their parents’ financial status,” he noted.
Also speaking, O’tega Ogra, Senior Special Assistant on Digital/New Media, recalled that during the #EndBadGovernance protests, President Tinubu announced that financial recoveries from illegal activities would be allocated to support the Nigerian Education Loan Fund (NELFUND).
He stated, “The President assured that funds recovered from illegal activities would be used to bolster NELFUND.”
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Ogra also highlighted a government initiative to enhance funding for public higher institutions by waiving the requirement for these institutions to remit their internally generated revenue (IGR) to the federal government.
“Universities can now fully utilize their IGR to support their operations,” he explained. Acknowledging existing funding gaps, Ogra stated, “We know that more funding is needed, but these measures are interim steps to bridge those gaps.”
According to him, this change aims to bolster student enrollment in public higher institutions by redirecting funds from infrastructure projects. The government also plans to provide additional budgetary allocations and utilize financial recoveries from illegal activities to fund NELFUND.
Sonny Echono, Executive Secretary of TETFUND, highlighted that the 2023 Intervention Budget of N320 billion is fully allocated to beneficiary institutions.
“We are committed to ensuring that these funds are judiciously utilized to benefit the common man,” Echono stated.
This initiative reflects TETFUND’s mandate to enhance educational infrastructure and support tertiary education through scholarships and grants.
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