The Nigerian Education Loan Fund (NELFUND) is set for a significant financial boost

 The Nigerian Education Loan Fund (NELFUND) is set for a significant financial boost following a recent announcement by the Federal Government.

It was revealed yesterday that 30 percent of the "initial allocations" from the Tertiary Education Trust Fund (TETFUND), which is sourced from the federation account, will be directed to NELFUND. This plan was disclosed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, during a press briefing in Abuja, where he addressed various topics, including the Economic Stabilisation Bill.

NELFUND, established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act of 2024 by President Bola Ahmed Tinubu, has already provided financial assistance. As of September 6, it had distributed ₦2.42 billion to 59 educational institutions, covering tuition and upkeep allowances for 20,000 students.

On August 14, the Economic and Financial Crimes Commission (EFCC) also transferred ₦50 billion from its recovery account to NELFUND.

Onanuga further explained that the 30 percent allocation from TETFUND will require an amendment to the TETFUND 2011 Act. He emphasized that this new funding arrangement would not interfere with TETFUND's ongoing support for infrastructure development in public universities, polytechnics, and colleges of education.

Accion Microfinance Bank and CrediCorp have teamed up to introduce a nationwide consumer credit initiative

 Accion Microfinance Bank and CrediCorp have teamed up to introduce a nationwide consumer credit initiative aimed at supporting Nigerians, especially middle-income earners. The scheme, which is scheduled to launch in September 2024, will provide accessible and affordable credit to over 15,000 individuals, enhancing financial inclusion in the country. 

The collaboration focuses on offering loans with competitive interest rates and a two-year repayment period, with quarterly interest payments. Accion Microfinance Bank’s Managing Director, Taiwo Joda, expressed excitement about the initiative, highlighting the bank’s commitment to addressing the evolving financial needs of its customers. He noted that the partnership will help finance essential items like appliances, school fees, and the transition from kerosene to gas stoves, directly improving the lives of consumers.

CrediCorp’s Managing Director, Engr Uzoma Nwagba, echoed similar sentiments, stating that the initiative will greatly benefit middle-income earners and small business owners. He emphasized that the partnership would offer reduced interest rates starting in September 2024, along with flexible repayment options tailored to individual financial situations.

The program also aims to simplify the loan application process, ensuring quick and easy access to funds for borrowers. This initiative represents a significant achievement for both Accion Microfinance Bank and CrediCorp, contributing to a more financially inclusive Nigeria.

Accion Microfinance Bank, a pioneer in the microfinance industry with over 16 years of experience, has played a key role in supporting small businesses and entrepreneurs, driving economic growth in the country. Its strong financial backing from major investors such as Ecobank, Zenith Bank, Citi Bank, the International Finance Corporation, and Accion Investments has enabled it to expand its services and reach a growing customer base.

How to check your status for the Conditional Cash Transfer (CCT) program in Nigeria

 To check your status for the Conditional Cash Transfer (CCT) program in Nigeria, you can follow these steps:

1. Visit the National Social Safety Nets Coordinating Office (NASSCO) Website:

   - Go to the official website of NASSCO, which manages the Conditional Cash Transfer Program: https://nassp.gov.ng

   - Look for relevant links or instructions regarding CCT beneficiaries.

2. Contact Your State’s Focal Person or NCTO:

   - Each state has a designated focal person or the National Cash Transfer Office (NCTO) representative responsible for managing the CCT program. You can contact them for updates on your status.

3. Check via NASSCO's Grievance Redress Mechanism (GRM):

   - If you're facing issues or inquiries about your CCT status, NASSCO has a Grievance Redress Mechanism. You can reach out to their toll-free hotline for assistance.

4. USSD Codes (if available):

   - Some states may provide USSD codes for beneficiaries to check their status, but this varies by region. Inquire locally for available options.

5. Visit the Nearest CCT Office:

   - You can physically visit the nearest CCT office or local government headquarters where the CCT program is implemented to check your status in person.

6. SMS Notifications:

   - If you are a beneficiary, you may receive SMS notifications regarding your payment or status from the CCT program.

7. Monitor State Government Platforms:

   - Some states update beneficiaries through official state government websites or social media platforms, so stay tuned to those channels for specific updates in your area.

Make sure to have your details, such as your ID or beneficiary information, ready when making inquiries.

CCT Disbursed, Npower Payments Set to Begin Next – Adeshina A. Adex

 

According to recent reports from Npower News, the National Publicity Secretary of Npower, Adeshina A. Adex, stated in a brief video message (lasting 1 minute 30 seconds) that the newly appointed Chief Executive Officer will begin the screening process soon, likely by next week. Adex mentioned that with the ongoing disbursement of the Conditional Cash Transfer (CCT) – which is part of the National Social Investment Programmes (NSIP) – Npower payments should follow next.

Npower Batch C Stream 2 beneficiaries, who have been awaiting their stipends for 9 to 12 months, have faced difficulties since the indefinite suspension of the Npower program by President Bola Ahmed Tinubu. Despite completing their assignments at their respective deployment locations, these beneficiaries remain without payment. 

The National Association of Npower Beneficiaries, representing millions of Batch C participants, is appealing to the President to lift the suspension on Npower, allowing them to receive their overdue stipends, especially amid the rising cost of living.

Civil Society Groups Endorse Ned Nwoko's Proposal to Reform Humanitarian Ministry

 

A group of civil society organizations (CSOs), including community and faith-based groups, have backed Senator Ned Nwoko’s call to reform the Ministry of Humanitarian Affairs, offering practical and efficient solutions to address its challenges.

At a recent advocacy meeting, organized by the CSO coalition, experts and activists discussed Nwoko's open letter to the President, advocating for the dissolution of the Humanitarian Ministry. Prominent speakers such as Prof. Abiodun Adeniyi, Ms. Boma Briggs, Eric Ogbekene, Emmanuel Onwubiko, and Dr. Ike Charles Okwobi, stressed the need for a more efficient and fair social welfare system.

Nwoko, representing the Delta North Senatorial District, proposed the establishment of a data-driven national social security system to provide long-term support to the unemployed and vulnerable. He noted that the bill, already under review in the National Assembly, has bipartisan backing. His proposal seeks to replace the current Ministry with a National Social Security Agency, under the President’s office, which would offer structured social assistance programs.

Accompanied by his wife Regina Daniels, Nwoko argued that social security should be recognized as a fundamental right, not charity. He highlighted that the new agency would provide a more sustainable solution, focusing on transparency and addressing the needs of marginalized groups.

He criticized the Ministry’s ad-hoc management of federal social welfare programs, expressing concern that vulnerable citizens have been overlooked. Nwoko emphasized that the new social security agency would follow global best practices, addressing unemployment and related insecurity through a more dignified and sustainable approach.

Nwoko's plan includes providing financial aid to unemployed individuals, with payments ranging from ₦50,000 to ₦100,000. He emphasized that this support, unlike the minimum wage, is intended for those without income. For the plan to succeed, he stressed the importance of creating a credible national database to ensure fair distribution of resources.

He also proposed that the agency's funding would come from a 5% contribution from governments, businesses, and multinational corporations.

Several CSO coalitions, including God Nation, Media and Creativity for Social Consciousness Coalition, the Human Rights Writers Association of Nigeria (HURIWA), and Evergreen Initiative, voiced their support. Eric Ogbekene, a data expert, emphasized the role of data in identifying the challenges faced by unemployed and vulnerable groups. Dr. Okwobi advocated for technology-driven governance solutions, while Ms. Boma Briggs, speaking from Houston, underscored the value of unemployment benefits in helping individuals become self-sufficient.

The meeting concluded with a call to action, urging stakeholders to back Nwoko’s proposal. Participants emphasized that this data-driven strategy could significantly improve Nigeria’s social welfare system, ensuring equitable access to resources for all citizens.

CREDITCORP Applauds the Launch of Federal Government’s Consumer Credit Program

 

The Nigerian Consumer Credit Corporation (CREDITCORP) has expressed approval over the successful commencement of the federal government's consumer credit initiative, which aims to benefit millions of Nigerians.

Uzoma Nwagba, the Managing Director/CEO of CREDITCORP, acknowledged President Bola Ahmed Tinubu for his dedication to empowering everyday Nigerians by ensuring that access to consumer credit becomes a universal right, not a privilege for a few.

“Through the pilot phase of the Nigerian Consumer Credit Corporation, five reputable financial institutions — including FCMB’s Credit Direct (serving civil servants), Wema Bank, Accion MFB, Letshego MFB, and Abbey Mortgage Bank — are now offering consumer credit solutions to help Nigerians cope with the increasing financial strain caused by rising fuel and energy costs.

With this pilot program, Nigerians can start accessing more affordable credit (with rates slashed by up to 50%), which will help meet pressing household expenses, provide cost-effective energy alternatives, and promote future investments. This initiative goes beyond just loans; it’s about true empowerment. For more information or to apply, visit credicorp.ng/apply,” Nwagba said.

Nwagba praised these institutions for their early participation and predicted that more financial institutions would soon follow, noting that over 200 have already submitted Expressions of Interest.

“For too long, most Nigerians have been deprived of access to consumer credit. CREDITCORP is here to change that. Consumer credit isn’t just an idea; it affects real people — like a father relying on credit during his child’s medical emergency, a baker no longer needing to depend on family support to grow their small business, or a household replacing expensive petrol generators with affordable solar panels. These are not distant aspirations. We believe consumer credit is closely tied to human rights.

CREDITCORP is dedicated to expanding access to affordable credit for Nigerians. Our pilot program is designed to provide credit for urgent household needs, with institutions like Accion and Letshego offering loans for solar panels, compressed natural gas (CNG), and electric vehicles. These innovative solutions help reduce dependence on costly petrol. We expect more institutions to join this movement soon,” Nwagba added.

He emphasized that CREDITCORP’s mission is built on three key pillars that will shape the future of consumer credit in Nigeria. The first pillar is infrastructure, ensuring that every Nigerian has a credit profile that opens doors to financial opportunities.

“We are collaborating with partners, including the Central Bank of Nigeria (CBN) and Credit Bureaus, to ensure every economically active citizen has a comprehensive credit score. This score will evolve over time and give Nigerians easier and responsible access to credit. This credit infrastructure will enable millions to build financial equity, turning good credit history into a personal asset. Innovators across various sectors should anticipate our invitations as we address this crucial challenge,” the CREDITCORP CEO said.

According to him, the second pillar is capital, which serves as more than just a financial enabler. CREDITCORP provides the financial foundation for institutions committed to democratizing consumer credit.

“By offering cheaper wholesale funding and credit guarantees, we enable financial institutions to expand their lending capabilities. We also promote local industry and job creation by facilitating cheaper lending rates and guarantees for locally manufactured products,” he explained.

The third pillar, Nwagba noted, is cultural re-orientation, emphasizing that consumer credit is about improving quality of life, not just borrowing.

“We are committed to shifting the mindset of Nigerians toward responsible credit use as a means to a better life. We also aim to reorient financial institutions on how effective consumer credit underwriting can drive growth. We believe that bankers, as pillars of the community — our parents, spouses, and friends — are eager to improve lives by lending to real people, rather than focusing on 'safe bets'. We need to create systems that foster trust and broaden access to affordable credit,” Nwagba stated.

He further explained that this launch marks only the beginning.

“As we push forward, our goal is to ensure that consumer credit serves as more than just temporary relief, but as a driver of long-term national development. Beyond loans for immediate needs, we are working on product-first credit solutions that connect Nigerians directly to life-enhancing products, such as home improvements, vehicles, and household appliances, partnering with both local and global financial institutions to achieve this vision,” Nwagba added.

He described the initiative as a new chapter of economic empowerment, stating: “The future we envision for Nigeria is one of opportunity, growth, and empowerment. CREDITCORP is translating this vision into tangible, impactful actions — beginning with making affordable credit accessible to every Nigerian, improving lives, and fueling national economic growth. CREDITCORP is more than just a credit program or corporation; it’s a movement, a journey that unlocks the potential of millions. It is about families, small businesses, and industries thriving, not merely surviving. Our best days lie ahead. Forward, and upward,” he concluded.

Arewa Group Renews Demand for Removal of Beta's Ally in Humanitarian Ministry

 

The Arewa Awareness on Good Governance, a notable advocacy group, has once again urged the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, to dismiss his Senior Legislative Aide (SLA), Cecilia Ogbeche-Odok, due to her alleged inefficiency, lack of policy expertise, and inappropriate conduct.

The renewed call follows Ogbeche's response to the group’s earlier criticisms, where she allegedly insulted them by calling them "faceless" and reaffirming her support for the suspended Minister of Humanitarian Affairs, Dr. Betta Edu.

In a press release issued in Kaduna on Wednesday, the group's spokesperson, Germa Ibrahim Musa, emphasized that their opposition to Edu’s reinstatement remains firm for the welfare of Nigerians. Musa criticized Ogbeche for failing to engage in productive dialogue, accusing her of attacking the group instead of addressing their legitimate concerns.

Previously, the group had advised Ogbeche to focus on promoting meaningful legislative initiatives rather than defending Dr. Edu, while urging President Bola Ahmed Tinubu to reconsider the suspended minister's case.

On Monday, the group gave Speaker Abbas a seven-day ultimatum to remove Ogbeche, warning that failure to do so would be seen as a slight against the entire northern region.

"Ogbeche-Odok's failure as a policy advisor is unacceptable. Her loyalty to Dr. Betta Edu is misplaced and reeks of sycophancy. We demand her immediate removal and replacement with someone more competent.

"Her attack on northerners, dismissing us as 'faceless,' is disgraceful and tarnishes the reputation of the Speaker’s office. Her actions sow division and betray the public's trust.

"We renew our call for Speaker Abbas to investigate Ogbeche’s role in fostering disunity and to hold her accountable. Our stance on Dr. Edu remains unchanged, as her actions have caused significant hardship for the country."

The group also noted that Ogbeche's continued presence in the Speaker's office undermines the credibility of the House of Representatives.

"Ogbeche's incompetence is glaring, and her arrogance is boundless. She is disconnected from the realities and needs of Nigerians. We will not tolerate her continued presence in the Speaker's office. Speaker Abbas must take decisive action to restore the integrity of his office," the statement concluded.