The Special Committee overseeing the Nigerian Education Loan Fund (NELFUND) has convened its inaugural meeting in preparation for the program’s rollout on Monday, February 26, 2024.
Chaired by the Governor of the Central Bank, Olayemi Cardoso, who also serves as the Chairman of the Special Committee, the meeting brought together an 11-member Committee comprising representatives from various Ministries, Departments, and Agencies as stipulated in the Students Loans (Access to Higher Education) Act 2023. The Executive Secretary of NELFUND, Akintunde Sawyerr, serves as the Secretary of the Special Committee.
The statutory members of the committee include the Governor of the Central Bank (Chair of the Special Committee), Executive Secretary of the Fund (Secretary of the Special Committee), representatives of the Ministers of Education and Finance, Chairman of the National Universities Commission, representatives of the Vice Chancellors’ Forum, Rectors and Provost Forum, the Auditor General of the Federation, representatives of the Nigeria Labour Congress and the Nigerian Bar Association, and a representative of the Academic Staff Union of Universities (who has declined membership).
During the meeting, Mr. Cardoso urged Committee members to leverage their diverse skills to ensure the success of the program, which is one of President Bola Tinubu’s signature projects. He emphasized the need for ongoing engagement with various stakeholders to achieve a smooth rollout of the scheme.
The Students Loans (Access to Higher Education) Act 2023, signed into law by President Tinubu on June 12, 2023, establishes a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their tuition fees, with the primary objective of improving access to higher education for Nigerian students. President Tinubu has also requested the extension of the scheme to cover Nigerians undergoing vocational training.
Mr. Cardoso expressed his commitment and support towards the success of the program, praising the President’s dedication to a scheme that will alleviate the burden of funding education for Nigerian students.
With the inaugural meeting of all legal parties to the scheme concluded, the stage is now set for the final rollout of the Fund.
Daily Nigeria