The Special Committee responsible for the Nigerian Education Loan Fund (NELFUND) convened its first meeting, laying the groundwork for the program’s launch on February 26, 2024.
Chaired by the Governor of the Central Bank, Olayemi Cardoso, who also serves as the Committee’s Chairman, this inaugural meeting marks a significant step towards the implementation of a key educational initiative.
The 11-member committee includes a diverse group of representatives from various sectors. Alongside Cardoso, the committee features representatives from the Ministries, Departments, and Agencies as outlined in the Students Loans (Access to Higher Education) Act 2023.
Akintunde Sawyerr, the Executive Secretary of NELFUND, serves as the Secretary of the Special Committee. Other statutory members include the representatives of the Ministers of Education and Finance, the Chairman of the National Universities Commission, representatives from the Vice Chancellor’s and Rectors and Provost Forums, the Auditor General of the Federation, and representatives from the Nigeria Labour Congress, the Nigerian Bar Association, and the Academic Staff Union of Universities, although the latter has declined membership.
During the meeting, Mr. Cardoso urged the committee members to employ their collective expertise to ensure the program’s success, highlighting its significance as one of President Bola Tinubu’s signature projects.
He emphasized the importance of continued engagement with stakeholders for a seamless introduction of the scheme.
The Student Loans (Access to Higher Education) Act 2023, signed into law by President Tinubu on June 12, 2023, established a legal framework for providing loans to underprivileged or low-income Nigerians to support their tuition fees.
The Act aims to enhance the accessibility of higher education in Nigeria, with President Tinubu advocating for its extension to include vocational training.
Mr. Cardoso reaffirmed his dedication to the program and commended President Tinubu’s commitment to a scheme that aims to alleviate the financial burdens of Nigerian students pursuing higher education.
The NELFUND, established under the Access to Higher Education Act 2023, also known as the Students Loan Law, is designed to assist indigent students with loans for their educational expenses in Nigerian tertiary institutions.
The fund will be financed through various sources, including donations, gifts, grants, endowments, and other revenues. With the inaugural meeting of all legal parties completed, NELFUND is poised for its final rollout.
