Five South-East schools receive N467 million in student loans

As of September 6, 2024, five tertiary institutions in Nigeria's South-East region have received funding from the Federal Government's student loan program, according to data from the Nigeria Education Loan Fund (NELFUND). This development follows previous accusations that NELFUND had been intentionally excluding South-East schools from the loan distribution process.

In response to these allegations, NELFUND clarified that it had not intentionally ignored any institutions, explaining that the institutions in the South-East had not completed the necessary verification procedures. 

“It’s important to clarify that geopolitical zones are not a factor in the disbursement process,” NELFUND stated. "A verification list was sent to all institutions eligible for disbursement. Payments are made only to institutions that have completed this verification. Unfortunately, no institutions from the South-East have responded to our verification process so far. We encourage these institutions to do so in order to allow their students to benefit from the scheme."

However, a report on Tuesday confirmed that some institutions in the South-East have started receiving funds from the student loan scheme. According to the data obtained from NELFUND, the beneficiaries include Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, which received N193,377,100; Michael Okpara University, N71,016,220; Abia State University, N12,469,503; Federal Polytechnic, Nekede, Imo State, N368,400; and Ebonyi State University, N78,313,000.

NELFUND has continued its efforts to raise awareness, particularly in the South-East region. Last week, the fund conducted a sensitization campaign, visiting institutions such as Chukwuemeka Odumegwu Ojukwu University in Anambra State and Federal Polytechnic, Nekede in Imo State.

The student loan program is a key initiative in the education sector under President Bola Tinubu's administration. Shortly after taking office, President Tinubu signed the Access to Higher Education Act, which establishes a legal framework for providing loans to low-income or financially disadvantaged Nigerians to help them pay tuition fees at tertiary institutions.

The Act, reenacted earlier this year, created NELFUND, which is responsible for managing loan applications, grants, disbursement, and recovery. The fund is expected to receive financing from various sources and engage in other productive activities.

Federal Government of Nigeria Launch N100 million Google Artificial Intelligence (AI) Fund

The Federal Government of Nigeria, in partnership with Google, has launched a N100 million Artificial Intelligence (AI) Fund through the National Centre for Artificial Intelligence and Robotics (NCAIR). This fund is designed to support Nigerian startups utilizing AI to create innovative solutions across various sectors, offering up to N10 million to each selected startup, as well as access to Google's AI tools, mentorship, and global network.

Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, emphasized that this fund is a crucial step in fostering local innovation and advancing Nigeria’s digital economy. He stated, “By supporting our startups, we are investing in the future of our nation.”

The AI Fund targets Nigerian startups focused on AI-driven technology with a significant potential impact. Applications are currently open, with the selected startups set to be announced in October.

Dr. Bunmi Ajala, National Coordinator of NCAIR, highlighted the collaboration with Google as a commitment to Nigeria’s technological growth, aiming to empower entrepreneurs with essential resources to create impactful AI solutions. "We are excited to see the transformative innovations that will emerge from this program," she added.

Olumide Balogun, Google's West Africa Director, reiterated the company’s dedication to enhancing digital capabilities across Africa, noting, “We are committed to providing Nigerian startups with the tools, mentorship, and resources they need to innovate and succeed globally.”

The fund is open to Nigerian startups with headquarters in Nigeria, at least one Nigerian founder, and a focus on developing scalable AI solutions that demonstrate early market traction. Startups can apply through a designated link, and the selection process will identify those with the greatest potential for innovation and growth.

Successful applicants will be announced in October 2024, with the program set to start shortly thereafter.

Interested applicants can apply at: https://ncair.nitda.gov.ng/aifund/

The National Association of Nigerian Students (NANS) Has Called On The Government To Increase The Student Loan Upkeep Allowance From N20,000 To N40,000

 The National Association of Nigerian Students (NANS) has called on the government to increase the student loan upkeep allowance from N20,000 to N40,000 in response to the rising costs of education. The association has ruled out protests for now, stating that such actions should only be considered as a last resort if discussions with the government fail.

During a press conference in Abuja on Monday, NANS Senate President, Akinteye Babatunde, highlighted the impact of high fuel prices on Nigerians, particularly students. While acknowledging that the removal of fuel subsidies is intended for the public good, he stressed the need for a careful and strategic approach to the issue.

"We understand the goal of the fuel subsidy removal is to achieve a greater good, but we request visible benefits in the midst of the current hardships," he stated. Babatunde also called for the dismissal of ineffective ministers, pointing out that many ministries have been unresponsive and failed to communicate their plans or progress to the public, and he advocated for a more proactive and accountable government.

He further urged the government to cut down on excessive spending, noting that it is only fair for those in power to set an example of sacrifice during tough times.

Regarding the financial challenges faced by students, Babatunde reiterated the need for the government to increase the student loan upkeep to N40,000 to help students manage the rising cost of living and continue their education without undue financial stress.

Additionally, NANS plans to engage directly with the Nigerian National Petroleum Corporation (NNPC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Federal Government. Babatunde announced the formation of a 10-member committee, representing all NANS structures, to meet with these bodies in the next week. The committee's aim is to present NANS' demands, propose solutions, and expedite efforts to lower fuel prices while finding practical solutions to the current challenges.

He also called on security agencies to take decisive action against any individuals or groups attempting to disrupt the peace under the guise of NANS, emphasizing that the association remains committed to seeking constructive engagement with the government and other stakeholders to resolve grievances.