The Honourable Minister of Education, Dr. Maruf Tunji Alausa, CON, has reaffirmed the Federal Government’s commitment to sustaining the credibility and long-term success of the Nigeria Education Loan Fund (NELFund).
He made this known at the Minister’s Conference Room in Abuja while receiving the report of the Committee on Harmonization of NELFund Administration and Charges.
The committee was chaired by Mr. Abel Olumuyiwa Enitan, Permanent Secretary, and co-chaired by Professor Abdullahi Ribadu, Executive Secretary of the National Universities Commission. Other members included Professor Akintunde Sawyerr, Mr. Mustafa Abdullahi, and Professor Folasade Olusola.
Dr. Alausa described the assignment as crucial to the future of Nigeria’s education sector. He emphasized President Bola Ahmed Tinubu’s commitment to education, noting that the student loan scheme was introduced early in his administration to remove financial barriers.
“NELFund is a flagship program, but we must acknowledge that initial challenges came from poor institutional communication and non-standardized processes,” he said.
The Minister welcomed the recommendations of the committee, which include harmonizing fee structures, setting clear timelines for loan applications, strengthening institutional participation, leveraging technology for efficiency, and improving public communication.
He assured that the Ministry would implement these measures immediately with a focus on transparency and accountability.
Presenting the report, Professor Ribadu highlighted the importance of sustainable repayment structures and strong feedback mechanisms. He added that partnerships with financial institutions and periodic policy reviews would help secure the fund’s stability.
“A credible loan program requires continuous evaluation to ensure it truly serves students,” Ribadu stated.
The Ministry further reaffirmed its resolve to make the Nigeria Education Loan Fund an effective tool for equal access to education, supporting a more equitable and prosperous Nigeria through fair financing opportunities for students.