Nigerian Education Loan Fund
Federal government of Nigeria | |
| Headquarters | Abuja |
|---|---|
| Educational Agency executive | , Managing Director |
The Nigerian Education Loan Fund (NELFUND) is a pivotal financial institution established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024.[1] It was signed into law by President Bola Tinubu on 3 April 2024, marking a historic step towards ensuring sustainable higher education and functional skill development for Nigerian students and young people.[2][3][4][5]
Background
The NELFUND was created to address the shortcomings of the previous Student Loan Act of 2023, which faced challenges related to governance, management, loan purposes, eligibility criteria, application methods, repayment provisions, and loan recovery.[6][7]
Objectives
The primary objective of NELFUND is to provide
Structure and governance
NELFUND operates as a body corporate with the power to sue and be sued, acquire, hold, and dispose of property for its functions. It is governed by a board of directors comprising representatives from relevant ministries, regulatory bodies, and participating agencies, including the Federal Ministries of Finance and Education, among others. The management operations are distinct from governance functions, with a management team led by a managing director, Akintunde Sawyerr responsible for the day-to-day operations.[11][12][13][14][15][16]
References
- ^ "In Detail: The Student Loan (Access to Higher Education) Act, 2024".
- ^ Sulaimon, Adekunle (3 April 2024). "BREAKING: Tinubu signs student loan bill into law". Punch Newspapers. Retrieved 19 April 2024.
- ^ President Tinubu Signs Reneacted Student Loan Bill Into Law, Approves Management Team. Retrieved 19 April 2024 – via www.youtube.com.
- ^ Nda-Isaiah, Jonathan (4 April 2024). "Again, Tinubu Signs Student Loan Bill Into Law". Retrieved 19 April 2024.
- ^ Suleiman, Qosim; Ileyemi, Mariam (12 June 2023). "UPDATED: Nigerian president signs student loan bill into law". www.premiumtimesng.com. Retrieved 19 April 2024.
- ^ Techeconomy (5 April 2024). "Why Student Loan Law Was Amended: The NELFUND and FIRS Connections". Tech | Business | Economy. Retrieved 19 April 2024.
- ^ "New Act Sets to Implement Loans to Students โ PLAC Legist". Retrieved 19 April 2024.
- ^ Times, Premium (19 April 2024). "Students' loans: Clarifying the misconceptions, By Frederick Femi Akinfala". Premium Times Nigeria. Retrieved 19 April 2024.
- ^ Ademola, Cyrus (5 April 2024). "10 things to know about the newly revised 2024 Student Loan Act". Nairametrics. Retrieved 19 April 2024.
- ^ Nda-Isaiah, Jonathan (5 April 2024). "Repealed Student Loan Act Was Unimplementable โ Presidency". Retrieved 19 April 2024.
- ^ Nda-Isaiah, Jonathan (4 April 2024). "Why Student Loan Law Was Amended โ Presidency". Retrieved 19 April 2024.
- ^ Onyedinefu, Godsgift (20 March 2024). "What you need to know about the Student Loan Bill passed today". Businessday NG. Retrieved 19 April 2024.
- ^ "Senate Passes Students Loan Act Amendment Bill - THISDAYLIVE". www.thisdaylive.com. Retrieved 19 April 2024.
- ^ Nigeria, Guardian (21 March 2024). "Senate passes student loan bill". The Guardian Nigeria News - Nigeria and World News. Retrieved 19 April 2024.
- ^ Chioma, Unini (6 April 2024). "Tinubu Appoints Akintunde Sawyerr As NELFUND Managing Director". TheNigeriaLawyer. Retrieved 19 April 2024.
- ^ Angbulu, Stephen (5 April 2024). "Student loan: Tinubu appoints new management team for NELFund". Punch Newspapers. Retrieved 19 April 2024.
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