The Chairman of the House of Representatives Committee on Polytechnic and Higher Technical Education, Gboyega Isiaka, announced that the Nigerian Education Loan Fund has allocated N84.2 billion to applicants by September 2024. The disbursements included N27.5 billion for institutional facilities and N56.7 billion for maintenance. Isiaka shared this information during a conference where he discussed the importance of the Student Loans Access to Higher Education Act of 2024, which aims to provide financial assistance to students seeking quality higher education.
Under the new Act, obstacles like parent’s loan history and guarantor requirements have been removed, allowing more students to access loans based on verification guidelines. The Act also eliminates the family income threshold, enabling all Nigerian students to apply for loans and take responsibility for repayment. Beneficiaries are expected to start repaying the loan two years after completing the National Youth Service Corps, with provisions for extension in case of unemployment.
Isiaka emphasized that the revival of student loans, initiated in 1972 and suspended, is a significant development that can enhance access to higher education in Nigeria. He highlighted the progress made under the administration and the positive impact on students. The importance of unity in Federal Government Colleges was also discussed at the conference, emphasizing the need for national unity and integration among students from diverse backgrounds.