The Nigerian Education Loan Fund (NELFUND) announced that it will publish a comprehensive list of institutions that have submitted complete student data for upload onto the NELFUND Student Verification System (SVS) by June 24, 2024. This list will include both federal and state-owned institutions to ensure transparency and promote equitable access to the student loan scheme.
In a statement released on Thursday,
NELFUND’s Head of Media, Nasir Ayitogo, emphasized the importance of this
publication. "It is commendable that many federal institutions have
already completed the exercise in the first wave, while the process of
uploading data for state-owned institutions is currently ongoing," Ayitogo
stated.
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For students to access the fund, their
details must be included in their institution's data set submitted to the
NELFUND SVS. This automatic verification is crucial for a seamless application
process. "Failure to have this verification would invalidate the
application process and disadvantage applicants. It is therefore critical that
the information provided by the tertiary institutions is not only complete but
also accurate," the statement added.
This development follows President Bola
Tinubu’s signing of the Student Loans (Access to Higher Education) Act (Repeal
and Re-Enactment) Bill, 2024, into law on April 3. The Act was passed after
thorough considerations by both the Senate and the House of Representatives,
based on the report from the Committee on Tertiary Institutions and the
Tertiary Education Trust Fund.
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The new legislation, 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,"
establishes the Nigerian Education Loan Fund as a corporate body responsible
for managing and investing funds to provide loans for higher education,
vocational training, and skills acquisition for Nigerian students.
The Act empowers NELFUND to offer loans to eligible students to cover tuition, fees, charges, and living expenses during their studies in approved public tertiary institutions and vocational training centers across Nigeria. The signing of this bill was witnessed by key figures, including the leadership of the National Assembly, ministers, and major stakeholders in the education sector.
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