Reps reaffirm commitment to ensure success of student loan scheme

The House of Representatives reaffirmed its commitment to overseeing and supporting the Nigerian Education Loan Fund (NELFUND) following the commencement of monthly stipend disbursements to eligible students.

The statement, issued by Hon. Akin Rotimi, Chairman of the House Committee on Media and Public Affairs, highlighted the progress made under NELFUND’s management on Tuesday.

As of now, NELFUND, led by Managing Director Mr. Akintunde Sawyerr, has started disbursing N20,000 monthly stipends for July to 20,371 students across six tertiary institutions. This initiative is part of the Federal Government’s effort to remove financial barriers in higher education.

NELFUND is also working to expand its payment process to include students from approximately 55 additional tertiary institutions in the near future.

Hon. Gboyega Isiaka (APC-Ogun), Chairman of the House Committee on Student Loan, Scholarship, and Higher Education Financing, praised the operationalization of NELFUND, calling it a significant advancement in educational support. To date, NELFUND has disbursed over N2.53 billion in student loans, benefiting 22,120 students across 12 institutions. Over N2 billion of this amount has been used to fully cover institutional fees for more than 20,000 students at six institutions.

In light of recent nationwide protests about living costs and economic challenges, the House of Representatives is committed to enhancing NELFUND’s effectiveness in supporting students. Plans include expanding NELFUND to 16 additional state-owned tertiary institutions, increasing the total to 86.

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Students are encouraged to apply for the benefits available through the NELFUND portal at http://nelf.gov.ng. Institutions yet to submit complete student data are urged to do so to ensure their students can access the program.

Following the signing of the National Students Loan Amendment Bill into law by President Bola Tinubu on April 3, 2024, and the subsequent passage of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill in March 2024, NELFUND’s loan application portal was launched on May 24, 2024. Since then, 160,000 students have registered, with over 110,000 applications processed.

The House of Representatives remains dedicated to addressing national issues and ensuring NELFUND’s successful implementation. In alignment with its Legislative Agenda on Social Sector Reform and Development, the House will continue to advocate for legislative measures and oversight to improve access to quality education and learning infrastructure.