NELFUND one of Nigeria’s greatest policies since independence – UNIBEN VC
The Vice-Chancellor of the University of Benin, Professor Edoba Omoregie (SAN), has described the Nigerian Education Loan Fund (NELFUND) as one of the most significant public policy initiatives introduced in Nigeria since independence.
Omoregie said the scheme’s interest-free structure, repayment conditions and application process made it more favourable to beneficiaries than student loan arrangements in countries such as the United States and the United Kingdom.
He, however, expressed concern over what he described as the low level of interest among eligible students in accessing the facility.
The vice-chancellor commended President Bola Tinubu for signing the initial student loan legislation and subsequently introducing a revised framework in 2024 to address shortcomings in the original law.
According to him, the revised legislation removed several restrictions that could have discouraged students from accessing financial assistance.
HAPPY BIRTHDAY, SIR
HIS EXCELLENCY, RT. HON. AHMADU UMARU FINTIRI
HAPPY 59TH BIRTHDAY, YOUR EXCELLENCY! The Governing Council, Management, Staff and entire University Community of Adamawa State University, Mubi, heartily felicitate with Your Excellency on the joyous occasion of your 59th birthday. We celebrate your commitment to educational advancement and the development of Adamawa State. May Almighty God grant you sound health, divine wisdom, long life and greater accomplishments. Happy 59th Birthday, Your Excellency!
Professor Clement Augustine, Vice Chancellor, ADSU, Mubi
“NELFUND is like manna from heaven. It is one of the most significant public policy initiatives ever introduced into this country since independence,” Omoregie said.
He explained that the initial proposal contained provisions requiring beneficiaries to provide guarantors, while limiting the amount available and excluding financial support for students’ upkeep.
Omoregie, who said he participated in the technical review of the earlier legislation, noted that concerns raised during its development had nearly undermined its intended benefits.
He said Tinubu’s decision to introduce a revised law demonstrated an effort to make tertiary education financing more accessible.
The vice-chancellor particularly praised the interest-free nature of the scheme and its repayment arrangements, which allow beneficiaries to begin repayment after securing employment.
“This is more like a grant. There is a moratorium that until you start working, nobody is going to bother you,” he said.
He added that beneficiaries would not be required to repay their loans in a lump sum, as deductions would instead be made from a portion of their earnings.
Omoregie argued that these provisions reduced the financial burden associated with student loans and could attract international attention to Nigeria’s education financing model.
He maintained that the scheme offered significant opportunities for students from financially disadvantaged backgrounds to pursue higher education without immediately confronting the burden of tuition and upkeep expenses.
Despite his endorsement, the vice-chancellor expressed disappointment over the level of participation and called for greater awareness of the opportunities available through the fund.
He said the initiative could play an important role in expanding access to tertiary education if more eligible students took advantage of its provisions.