On the 3rd of April, 2024, the President of the Federal Republic of Nigeria signed the executive bill titled, “A Bill for an Act to Repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Students Loan (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a Body Corporate to Receive, Manage, and Invest Funds to Provide Loans to Nigerians for Higher Education, Vocational Training, and Skills Acquisition and Related Matters.” Alongside this landmark achievement, Mr. Akintunde Oluwole Sawyerr has been appointed as the Managing Director of the Nigerian Education Loan Fund (NELFUND).
I sincerely commend the President for this significant achievement and pray for the strength and capacity to do more for the benefit of the Federal Republic of Nigeria.
The implementation of this long-awaited bill faced numerous challenges and delays due to various issues hindering its rollout. However, the President has shown unwavering determination to ensure that education receives the necessary attention in Nigeria, including skills development programs. As he aptly stated, “We are here because we are all educated and were helped in the past. We have seen our children drop out of college and give up the opportunity. That is no more. The standard and the control are there for you to apply, no matter who you are, as long as you are a Nigerian citizen.”
Education is widely recognized as a critical tool for achieving success in today’s world. It provides individuals with the knowledge, skills, and credentials necessary to gain acceptance into prestigious universities and secure employment with reputable companies. However, the high cost of education can be a significant barrier for many students, making it difficult for them to pursue their academic dreams.
According to a report by the National Sample Survey Office (NSSO), the average cost of general education in private institutions increased by 175%, while the cost for technical and professional education rose by 96% between 2008 and 2014. Imagine what these figures would be in 2024. These expenses include course fees, books, transportation, and coaching, among other things.
Education loans offer benefits that extend beyond mere academic financial support. They enable students to completely focus on academic and future career goals without the worry of paying immediate upfront tuition fees out of pocket. Additionally, these loans offer flexible repayment options, giving graduates the freedom to manage and plan their future financial investments. By being responsible with loan repayments, students can also build a positive credit history, which will help in future financial endeavors such as purchasing a home or a car.
Student loans are crucial in helping students achieve their higher education and career goals. They provide the necessary financial support to cover tuition fees, accommodation, and living expenses, significantly lessening the financial burden on students. This allows students to focus on skill development, in addition to their academic pursuits, which greatly enhances their job prospects.
Advantages and Benefits of the Students Loan Fund
- Increased Access to Education: The student loan program can help bridge the financial gap for students who cannot afford higher education, promoting inclusivity and equal opportunities.
- Reduced Financial Burden: By providing loans with flexible repayment terms, students can focus on their studies without excessive financial stress.
- Economic Growth: An educated population can contribute to Nigeria’s economic development, and this program can help produce skilled graduates who can drive innovation and progress.
- Empowerment of Young People: Access to education can empower young Nigerians to pursue their goals, become active citizens, and make meaningful contributions to society.
- Competitive Edge: By investing in education, Nigeria can produce a competitive workforce, enhancing its global standing and attracting investments.
- Social Mobility: Education can break cycles of poverty, and this program can help level the playing field for disadvantaged students.
- Improved Quality of Life: Education can lead to better job prospects, higher earning potential, and improved overall well-being for individuals and their families.
- National Development: An educated population can drive national progress, innovation, and sustainable development.
The student community and fellow Nigerians should see this achievement as a monumental stride and utilize this opportunity judiciously to increase the rate of literacy and nation-building. By employing these tactics, students can confidently navigate financial challenges, paving the way for a secure and prosperous future.
🖊️Kuku Isaiah Eromidayo
Erstwhile General Secretary, Lagos State University Students’ Union
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