In a significant step towards enhancing access to higher education, the inaugural meeting of the special committee overseeing the Nigerian Education Loan Fund (NELFUND) convened, signaling the imminent launch of the student loans programme. Scheduled to commence on Monday, February 26, 2024, the scheme aims to provide financial support to deserving students across the nation.
Chaired by Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, the 11-member Special Committee comprises representatives from various Ministries, Departments, and Agencies, as mandated by the Students Loans Act. Serving as the Secretary is Akintunde Sawyerr, the Executive Secretary of NELFUND.
During the meeting, Cardoso urged committee members to leverage their diverse expertise to ensure the success of the programme, emphasizing its significance as one of the key initiatives under President Bola Tinubu’s administration aimed at empowering underprivileged Nigerians.
Furthermore, Cardoso underscored the importance of ongoing stakeholder engagement to streamline processes and ensure a seamless rollout of the scheme. NELFUND, established following the enactment of the Access to Higher Education Act 2023 (Students Loan Act), represents a pivotal milestone in addressing financial barriers to education.
Enshrined within the Act is a legal framework enabling the provision of loans to indigent or low-income Nigerians to cover their tuition fees, thereby fostering greater accessibility to higher education. President Tinubu’s vision extends beyond traditional academic pathways, as he advocates for the expansion of the scheme to encompass individuals undergoing vocational training.
As the committee prepares to embark on this transformative journey, the stage is set for a significant stride towards advancing educational opportunities and fostering socio-economic development in Nigeria.
