National Association of Nigerian Students (NANS) Demands Transparency In Disbursement Of Student Loan

The National Association of Nigerian Students (NANS) has demanded transparency in the disbursement of the student loan to students in tertiary institutions. NANS called on the Federal Government to select individuals of unquestionable integrity and competence to oversee the disbursement of the student loans. This, NANS said would not only ensure the success of the student loan, but also guarantee its sustainability. National President of NANS, Pedro Obi, made the call in a statement made available to journalists in Abeokuta, the Ogun State capital on Friday. NANS also called for an urgent action on the alleged deportation of Nigerian students from Teesside University in the UK for defaulting on their school fees. It insisted that the Federal Government must take immediate and decisive action to protect the rights and future of the students abroad.

While praising President Bola Ahmed Tinubu-led administration for the student loan initiative, Pedro Obi urged the government to engage all relevant stakeholders in the execution of the student loan.

“To ensure the success and integrity of the student loan scheme, we urge the Federal Government to prioritise transparency and accountability in the disbursement of the loans and this must be done by engaging all relevant stakeholders.

“It is crucial that the government appoint individuals of unquestionable integrity and competence to oversee the disbursement of the student loans. These appointees should be drawn from diverse backgrounds, including academia, finance, and civil society, to ensure a balanced and fair administration.

“We also urge the government to put in place transparent and effective monitoring mechanisms to track the disbursement process and ensure that funds are allocated appropriately. This includes regular audits, public reporting, and feedback channels for students to report any issues or irregularities.

“The loan scheme should be designed to be inclusive and accessible to all eligible students, regardless of their socio-economic background. Criteria for loan eligibility and repayment terms should be clearly defined and communicated to avoid any ambiguity or discrimination,” Pedro Obi said.

Source: https://sunnewsonline.com/student-loan-nans-demands-transparency-in-disbursement/

Npower News Today On National Social Investment Programmes

According to Npower News, the Federal Government have restarted the temporarily suspended national social investment programmmes which includes Npower, Conditional Cash Transfer, Government Enterprise And Empowerment Program and the National Homegrown School Feeding Programme. The National Social Investment Programme aims to offer direct financial support to 75 million individuals in 50 million households to alleviate the hardship faced by citizens, particularly those in vulnerable groups.

During the ministerial sectoral briefing in Abuja to commemorate the first year of the President Bola Ahmed Tinubu's administration, Wale Edun, the Minister of Finance and the Coordinating Minister of the Economy, made this announcement.

On January 12, President Bola Ahmed Tinubu decided to temporarily halt all activities carried out by the National Social Investment Programme Agency for a period of six weeks. This action was taken in order to investigate suspected misconduct in the organization's management and operation of the national social investment programme.

Wale Edun said, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President’s reform programme. Immediately upon assuming office, Mr President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr President is committed to counterbalancing the negative effects with interventions across the social spectrum.

“The government has restarted the social investment program, providing direct payments to 75 million Nigerians in 50 million households. Access to credit has been improved, with N1bn allocated to consumer credit and grants of 50,000 Naira being given to 1 million nano industries.”

Source: https://www.nairaland.com/7688963/n-power-batch-c1-c2-2023/190

Over 9,500,000 Student Loan Applicants Visit NELFUND

The Nigerian education loan fund (NELFUND) said it has recorded over 9,500,000 visits to its office from students in federal tertiary institutions, with respect to the student loan since the student loan application portal was launched last week Friday.

The Nigerian education loan fund (NELFUND) has also received over six thousand applications regarding the student loan.

While briefing the press at a post-application launch conference on Thursday, the Managing Director of The Nigerian education loan fund (NELFUND), Dr. Akintunde Sawyerr, said over 90 per cent of federal tertiary institutions have submitted the data of their students with about five institutions remaining.

Dr. Akintunde Sawyerr also disclosed that in three weeks, the Nigerian education loan fund (NELFUND) would democratise the student loans following the outburst from students in state-owned tertiary institutions, thereby opening its student loan application portal for students in state institutions to apply for the student loan.

Dr. Akintunde Sawyerr urged the authorities of the state tertiary institutions to begin to submit the data of its students to ensure that the process is seamless.

On June 12, 2023, President Bola Ahmed Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The move was in “fulfilment of one of his campaign promises to liberalise funding of education,” according to Presidential Strategy Team, Dele Alake.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.

Although the government initially announced that the student loan scheme would be launched in September, it suffered several delays leading to an indefinite postponement in early March.

The Presidency had linked the delay to President Bola Ahmed Tinubu’s directive to expand the student loan scheme to include student loans for vocational skills.

After receiving a briefing from the NELFUND team led by the Minister of State for Education, Yusuf Sununu, on January 22, the President Bola Ahmed Tinubu directed the Nigerian education loan fund (NELFUND) to extend interest-free loans to Nigerian students interested in skill-development programmes.

President Bola Ahmed Tinubu based his decision on the need for the student loan scheme to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.

“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.

“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.

“In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” President Bola Ahmed Tinubu said.

Source: https://www.channelstv.com/2024/05/30/student-loan-applications-hit-6000-in-seven-days-says-nelfund/

Conditional Cash Transfer To Help 138,015 Vulnerable Households

No fewer than 138,015 vulnerable households in Nasarawa State are targeted to gain from the Conditional Cash Transfer programme of the Federal Government (FG).

Rhoda Agbawu, the Nasarawa State Programme Manager of The Conditional Cash Transfer Office, said this on Friday in Lafia at the opening of a three-day orientation training for desk officers from the thirteen Local Government Areas (LGAs) of the state.

Rhoda Agbawu said that the beneficiaries of the Conditional Cash Transfer Programme, to be selected from the thirteen LGAs of the state, would receive ₦25,000 each for 3 months. Rhoda Agbawu said that the Conditional Cash Transfer Programme was a Scale-up of the National Social Safety Nets Project that began more than five years ago.

“The exercise was re-branded Renewed Hope Conditional Cash Transfer Programme to align with the policy agenda of President Bola Tinubu.

“The rebranding came with a lot of improvement where the beneficiaries in the state were increased from 48,624 to 138,015 across all the LGAs as against just six LGAs in the past,” Agbawu added.

The programme manager for the Conditional Cash Transfer disclosed that the office had so far enrolled eighty thousand households out of the total number 138,015 beneficiaries before the process was suspended.

Rhoda Agbawu explained that the Conditional Cash Transfer programme was temporarily suspended to enable beneficiaries to open accounts and link their Bank Verification Numbers with their National Identity Numbers.

“The process for enrolment and payment to the beneficiaries is now digitised to ensure accountability and transparency,” Rhoda Agbawu said.

On the essence of the training, Rhoda Agbawu said that it was aimed at educating the desk officers on the new changes in the Conditional Cash Transfer programme for proper implementation.

In her goodwill message, Margaret Elayo, Commissioner for Special Duties, Humanitarian, Social Services and Non-Governmental Organisations, praised the desk officers and other staff for the success so far recorded in the implementation of the Conditional Cash Transfer programme.

Margaret Elayo,, represented by Hajiya Fatima Dauda, the Director of Administration in the ministry, said that Nasarawa State was rated high in the implementation of the National Social Safety Nets Project. Margaret Elayo attributed the feat to the commitment and dedication of the implementing team and urged them to sustain the tempo.

Mohammed Dabo and Ruth Dachi, Desk Officers of Lafia and Akwanga LGAs respectively told newsmen that the training would expose them to the new changes in the conditional cash transfer programme. They ensured effective monitoring of the beneficiaries to ensure that the monies were used to add value to the lives of their families.

Source: https://www.pulse.ng/news/local/fgs-renewed-hope-cash-transfer-to-aid-138015-vulnerable-nasarawa-residents/xgml6h7

Three Hundred And Thirty Six State Institutions Listed As Sixty Thousand Apply For Student Loan

The Federal Government has extended the student loan to state tertiary institutions across the federation.

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Dr Akintunde Sawyerr, who revealed this in Abuja, on Thursday, said that the students in the state institutions could apply for the student loan when the second phase of the student loan application starts on June 25.

Information gathered from the students' loan portal indicate no fewer than three hundred and thirty six state tertiary institutions in the country consisting of universities, colleges of education and technical colleges will gain from the student loan.

Statistics obtained from the National Universities Commission website indicate that there are sixty three state universities.

The National Board for Technical Education on its website listed fifty four state polytechnics, fifty seven state monothenics and one hundred and eleven state technical colleges.

The National Commission for Colleges of Education’s website shows that there are fifty one state colleges of education in the country.

Also, no fewer than sixty thousand federal instiutions have applied on the student loan application portal so far.

The Nigerian Education Loan Fund (NELFUND) kicked off its student loan application portal in the first phase of the application exercise which started on May 24.

The first phase accepted student loan applications from federal tertiary institutions.

About 1,200,000 students in two hundred and twenty six federal universities, polytechnics, colleges of education, and technical colleges were expected to benefit from the first phase of the student loan.

Information gotten from the National Universities Commission (NUC) and other agencies indicated that the nation has two hundred and twenty six federal tertiary institutions comprising sixty two universities, forty one polytechnics, ninety six monotechnics and twenty seven colleges of education.

Giving the latest update on the student loan at a press conference on Thursday, Dr Akintunde Sawyerr, revealed that the Fund would start receiving student loan applications from state universities on the 25th of June.

Dr Akintunde Sawyerr, requested all state institutions to submit their students’ information immediately in order to facilitate a smooth and seamless student loan application process.

Dr Akintunde Sawyerr, added that the component for skill acquisition loans would be launched in six months.

The NELFUND boss said, “Beyond financial assistance, NELFUND recognises the profound importance of equipping our youth with practical, market-relevant skills.

“Six months from today, we will launch a comprehensive skills acquisition programme, providing training in various vocational and technical fields.

“This programme is designed to prepare students to meet the demands of the modern job market, fostering entrepreneurship and innovation among our young people.”

Dr Akintunde Sawyerr, said over sixty thousand student loan applications had been received by the agency since application for the first phase began last Friday.

Dr Akintunde Sawyerr, said the student loan application did not necessarily translate to completed student loan applications, adding that only thirty thousand had successfully registered for the student loan.

”Sixty thousand are those who have registered on the platform. About 30,000 have successfully applied for the loan but that does not mean the 30,000 have been approved. Up until this point, nobody has been given the loan. Now is the time for evaluation.

“The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand,” the NELFUND executive secretary assured.

He disclosed that over 90 per cent of federal tertiary institutions had submitted their students’ information to NELFUND, adding that only two federal universities and five federal polytechnics have yet to do so.

“We urge the remaining two federal universities and five federal polytechnics to expedite the process to ensure that all eligible students can access our financial support,” he said.

President Bola Ahmed Tinubu signed the Access to Higher Education Act, 2023, into law on June 12, 2023, to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The executive bill titled, ‘A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a body corporate to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and related matters,’ was signed in the presence of the leadership of the National Assembly, ministers and major stakeholders of education.

The Act empowers the Nigeria Education Loan Fund to provide loans to qualified Nigerian students for tuition, fees, charges and upkeep during their studies in approved public tertiary institutions and vocational and skills acquisition establishments in the country.

The new law which repealed the Student Loan Act, 2023, removed the family income threshold so students can apply for loans and accept responsibility for repayment, according to the Fund’s guidelines.

After signing the bill, Tinubu said no Nigerian, regardless of background, would be excluded from obtaining quality education.

“This is to ensure that no one, no matter how poor their background is, is excluded from quality education and opportunity to build their future,” said the President at the State House, Abuja.

Although the government initially announced that the student loan would be launched in September, it suffered several delays leading to an indefinite postponement.

The Presidency had linked the delay to President Bola Ahmed Tinubu’s directive to expand the student loan to include loans for vocational skills.

Last Thursday, the Nigerian Education Loan Fund announced May 24 as the official date for the opening of the portal for student loan applications.

Although the government initially announced that the student would be launched in September, it suffered several delays leading to an indefinite postponement.

After receiving a briefing from the NELFUND team led by the Minister of State for Education, Dr Yusuf Sununu, on January 22, the President directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.

President Bola Ahmed Tinubu based his decision on the need for the student loan to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.

Addressing journalists ahead of the opening of the portal last week, Dr Akintunde Sawyerr, said about 1,200,000 in federal institutions would participate in the first phase of the student loan.

“There are approximately 1.2 m students in federal tertiary institutions owned by the government.

“Today, by inference, 1.2m students maximum at the federal level (will benefit), but there might be an opportunity to increase the capacity in terms of more institutions, and when we begin to bring in state-owned institutions, then the numbers can go up,’’ Dr Akintunde Sawyerr said.

One of the key features of the student loan, Dr Akintunde Sawyerr, emphasized, is the absence of physical contact between the student loan applicant and NELFUND.

According to Dr Akintunde Sawyerr, the student loan application portal provides a user-friendly interface for students to submit their student loan applications easily.

Dr Akintunde Sawyerr, said that only students whose institutions had uploaded their information on the Fund’s dashboard would be eligible to apply for the student loan.

Dr Akintunde Sawyerr, called on students in federal tertiary institutions to visit the website, www.nelf.gov.ng and apply for the student loan.

Dr Akintunde Sawyerr, said the student loan application requirements include the admission letter from the Joint Admission and Matriculation Board, National Identity Number, and Bank Verification Number as well as completed student loan application forms from the student loan application portal.

“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions. Applicants can access online support to assist with any questions or concerns during the application process.

“We believe that education is a vital investment for the future. We envisage that the student loan initiative of Mr. President is a testament to this commitment,” Dr Akintunde Sawyerr, said.

https://punchng.com/student-loan-336-state-institutions-listed-as-60000-register/