The Chairman, House Committee on Student Loans, Scholarships, and Higher Education Financing, Hon Gboyega Nasir Isiaka, has disclosed that the student loan scheme has recorded significant milestones with N84.2 billion disbursed to beneficiaries.
Isiaka representing Yewa North/Imeko-Afon Federal Constituency in the green chamber stated this on Saturday while delivering a paper titled “Empowering The Next Generation: Education As A Catalyst For National Development (Student Loans Access To Higher Education Act,2024 In Perspective), at the 36th Annual General Conference of the Federal Government College Maiduguri Old Students’ Association (FEGOCOMOSA) in Abeokuta.
The lawmaker revealed that 351,317 students have registered on the Nigerian Education Loans Fund (NELFUND) portal, with 258,943 applying for loans, while emphasizing the critical role of education in national development and the potential of the student loan scheme.
The lawmaker stressed the need for strategic investments in education to position Nigeria as a global leader in the 21st-century knowledge economy.
Isiaka noted that the student loan scheme is expected to increase access to higher education, reduce the financial burden on students and their families, and ultimately boost the nation’s literacy rate and tertiary education enrollment ratio.
He also highlighted the scheme’s potential to empower students to pursue higher education, which would enable Nigeria to harness its demographic dividend and secure a prosperous future.
The House Committee Chairman said, “Education has long been recognized as the surest catalyst for sustainable societal progress… With over half of our population under the age of 30, we have an immense wellspring of untapped human potential.”
“With over half of our population under the age of 30, we have an immense wellspring of untapped human potential. The student loan Scheme is a crucial step in developing our most valuable resource, which is our people.”
“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 loan or both. A total of N84.2billion have thus far being disbursed to the applicants comprising of N27.5billion and N56.7 billion in institutional and upkeep facilities respectively.”
“This is more than just a statistic – it represents hope, opportunity, and a commitment to empowering our students to succeed.”
The National President of the Association, Chris Abu, said the essence of establishing unity schools across the states of the federation was to promote unity cohesion among students from different ethnic backgrounds, however, lamented that insecurity challenge being experienced in some parts of the country is gradually affecting the essence.
He, therefore, called for a stakeholders’s meeting to discuss and find a way out of the issue to enable the unity schools to achieve its objective.
Abu also expressed worries over the falling standard of the nation’s education sector, asking governments at all levels and the private sector to come together and salvage the situation.
“The current state of the nation’s educational system is not palatable at all. The standard has fallen. Human resources required. There is infrastructure deficits all over. We appeal to the federal, States and local governments and the private sector to come together, collaborate and see how we can improve on the situation, ” he added.
Photo caption: The House of Representatives member, representing Yewa North/Imeko Afon, Hon Gboyega Nasir Isiaka (third right), former Ogun State Commissioner for Agriculture, Dr. Adeola Odedina and leaders of the Federal Government College, Maiduguri, Old Students Association, during the 36th Annual General Congress of the Association, held at the MITROS Hall, Abeokuta, on Saturday.
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