The Federal Executive Council is proposing a bill that would allocate 30 percent of the Tertiary Education Trust Fund’s funds to the Student Loan Scheme. The bill aims to amend a specific section of the Tertiary Education Trust Fund Act to facilitate this change. The Special Adviser to the President on Information and Strategy shared this development during a briefing at the Aso Rock Villa in Abuja.
If the National Assembly approves the bill, TETFund will allocate 30 percent of its funds from the Federation Account to support the Nigerian Education Loan Fund. Additionally, the bill limits TETFund’s annual administration expenditure to five percent. This adjustment is intended to establish a sustainable financial source for student loans and ensure efficient fund management.
The proposed legislation is designed to ensure that resources are channeled towards student loans, enhancing the accessibility of educational facilities supported by TETFund. The Federal Government is advocating for these changes to prioritize student needs and align fund allocation with educational objectives.