The Presidency announced that the Tertiary Education Trust Fund (TETFUND) will allocate 30% of its resources to support the Nigerian Education Loan Fund (NELFUND) aimed at providing student loans on Wednesday.
During a briefing at the Presidential Villa in Abuja, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, emphasized that the amendment to the TETFUND Act is vital for improving student access to education. “Funds that were previously dedicated to infrastructure will now be redirected to support student loans, ensuring that all children can attend school regardless of their parents’ financial circumstances,” he explained.
O’tega Ogra, Senior Special Assistant on Digital/New Media, also addressed the issue, recalling President Tinubu’s announcement during the #EndBadGovernance protests. He noted that financial recoveries from illegal activities would be earmarked to bolster the Nigerian Education Loan Fund (NELFUND). “The President has assured that these funds will be used to strengthen NELFUND,” Ogra stated.
Additionally, Ogra mentioned a new government initiative that allows public higher institutions to retain their internally generated revenue (IGR) instead of remitting it to the federal government. “This means universities can now fully utilize their IGR to support their operations,” he said, acknowledging the existing funding gaps. “We recognize that more funding is necessary, but these measures are interim steps to bridge those gaps.”
The initiative aims to increase student enrollment in public higher institutions by reallocating funds from infrastructure projects. The government also plans to enhance budgetary allocations and leverage financial recoveries from illegal activities to further support NELFUND.
Sonny Echono, Executive Secretary of TETFUND, highlighted that the 2023 Intervention Budget of N320 billion has been fully allocated to beneficiary institutions. “We are committed to ensuring that these funds are used effectively for the benefit of the common man,” Echono affirmed.
This initiative aligns with TETFUND’s mandate to enhance educational infrastructure and provide support for tertiary education through scholarships and grants.
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