According to Npower News, the long-awaited student loan will take off on Friday with 1,200,000 students in federal tertiary institutions across the country, the Managing Director/Chief Executive Officer of the Nigeria Education Loan Fund, Akintunde Sawyerr, has stated.
Akintunde Sawyerr, who spoke at a pre-application sensitisation press conference in Abuja, on Monday, said 1,200,000 students in federal universities, polytechnics, colleges of education, and technical colleges would benefit from the first phase.
According to statistics obtained from the National Universities Commission website Nigeria has 226 federal tertiary institutions comprising 62 universities, 41 polytechnics, 96 monotechnics and 27 colleges of education.
President Bola Ahmed Tinubu, on April 3, signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
The assent was sequel to the separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and the Tertiary Education Trust Fund.
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The new law which repealed the Student Loan Act, 2023, removed the family income threshold so students can apply for loans and accept responsibility for repayment, according to the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.
Access to education
Speaking after he signed the bill, President Bola Ahmed Tinubu said no Nigerian, regardless of their 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 President Bola Ahmed at the State House, Abuja.
Although the government initially announced that the 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 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 the student loan applications.
Addressing journalists on Monday, ahead of the opening of Friday’s portal, Akintunde Sawyerr said, “There are approximately 1.2 million 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.’’
Akintunde Sawyerr stated that only students whose institutions had uploaded their data on the Fund’s dashboard would be eligible to apply for the student loan.
While calling on students in federal tertiary institutions to visit the website, www.nelf.gov.ng to apply for the student loan from May 24, the CEO added that students in state universities and vocational skills centres could apply for the student loan at a later date.
Akintunde Sawyerr said the requirements to apply include the admission letter from the Joint Admissions and Matriculation Board, National Identity Number, and Bank Verification Number as well as completed application forms from its website.
“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,” Akintunde Sawyerr said.
One of the key features of the student loan, Akintunde Sawyerr emphasized, is the absence of physical contact between the student loan applicant and NELFUND.
‘Portal user-friendly’
According to Akintunde Sawyerr, the student loan application portal provides a user-friendly interface for students to submit their student loan applications conveniently.
Akintunde Sawyerr encouraged students in federal tertiary institutions to take advantage of the opportunity to secure the required financial support for their education, even as he urged the student loan applicants to submit their student loan applications as soon as possible to ensure timely processing.
Akintunde Sawyerr disclosed that in addition to the interest-free student loan, applicants will also receive monthly stipends for upkeep.
Akintunde Sawyerr, however, did not state the amount, saying, “That figure will be capped. And we will look very closely at each application and make a decision based on several factors as to what fees will be paid to them.’’
“The fees for the institution are going to be paid not to the students but to the institution. And that will be paid at the maximum of that fee per session. We will only pay for a session at a time because people drop out of institutions, they change institutions,” Akintunde Sawyerr clarified.
The NELFUND boss also pointed out that the institutions have vital roles to play in providing the Fund with data on fees payable by students at the departmental, faculty and other levels.
According to Akintunde Sawyerr, the agency is also working with security agencies to ensure that people do not take advantage and defraud the process.
Meanwhile, the Federal Government has called on state governments to ensure responsible and transparent use of the matching grants allocated for the implementation of the Universal Basic Education Commission programme.
The Executive Secretary of UBEC, Dr Hamid Bobboyi, stressed the directive during the inauguration of a six-day training programme for accountants and auditors from UBEC and State Universal Basic Education Boards in Abuja.
Addressing the participants, Dr Hamid Bobboyi, condemned the undue pressure often placed on financial officers by state officials, urging SUBEBs’ financial officers to uphold integrity and resist such pressures to avoid compromising standards.
“The training aims to update participants on the revised accounting manual and to provide a comprehensive understanding of financial infractions and sanctions,” Bobboyi stated, adding, “This knowledge is essential for ensuring effective service delivery in basic education.”
Highlighting the mandates of UBEC and SUBEBs in implementing the Universal Basic Education programme, Dr Hamid Bobboyi, emphasized the importance of a robust accounting system to ensure the judicious use of government funds.
Dr Hamid Bobboyi, stressed the imperative of fidelity to accountability regarding the management of the Federal Government’s UBE Intervention Fund.
To achieve these objectives, continuous enhancement of professional competence among UBEC and SUBEB staff is necessary, Dr Hamid Bobboyi, stated.
Dr Hamid Bobboyi, lamented that despite previous training efforts, there has been limited improvement in financial practices.
Dr Hamid Bobboyi, cited findings from regular quarterly financial monitoring by UBEC, which revealed poor record-keeping and infractions against established guidelines.
Dr Hamid Bobboyi, stated that the findings and recommendations from these monitoring activities had been communicated to SUBEBs for corrective actions.
Dr Hamid Bobboyi, emphasized the importance of adhering to existing rules and guidelines to ensure accountability and transparency in financial transactions.
“As finance officers, it is your duty to comply strictly with these government stipulations. Engaging in or condoning wrongdoing will not be excused. Remember, reports from UBEC’s financial monitoring can be requested by agencies enforcing compliance with laws and regulations,’’ he warned the officials.
Dr Hamid Bobboyi, further pleaded with the participants to fully engage with the training and return to their offices equipped with the necessary skills and knowledge to improve accounting practices at both the commission and boards.
To protect the FGN-UBE Intervention Fund, the Director of Finance and Accounts at UBEC, Adamu Misau, noted that a new sanction regime developed in 2022 had been approved for implementation.
The delay in its implementation, Adamu Misau, said, was to ensure all financial managers received adequate training, which the current programme aimed to provide.
“We expect that by the end of this training, financial officers will be better prepared to manage the FGN-UBE Intervention Funds responsibly, adhering to financial regulations and due process,” Adamu Misau, concluded.
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