The financial status of the Nigerian Education Loan Fund (NELFUND) is soon to improve.
Yesterday, the Federal Government announced a plan to allocate 30 percent of ‘’initial allocations’’ to the Tertiary Education Trust Fund (TETFUND) from the federation account to NELFUND.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, made this known while briefing reporters on various issues, including the Economic Stabilisation Bill, in Abuja.
NELFUND is a body setup under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024 by President Bola Ahmed Tinubu.
As of September 6, it had disbursed N2. 42 billion to 59 institutions as tuition and upkeep allowances of 20,000 to successful students.
On August 14, the Economic and Financial Crimes Commission (EFCC) confirmed that it transferred N50 billion to NELFUND from its recovery account.
Onanuga explained that the plan to transfer TETFUND’s 30 percent ‘’initial’’ allocation will be achieved through an amendment to the TETFUND 2011 Act.
TETFUND has been instrumental in funding infrastructure projects in public higher institutions- universities, polytechnics, and colleges of education.
Onanuga clarified that the allocation will not affect TETFUND’s existing interventions in public tertiary institutions.