The Vice Chancellor of the University of Benin (UNIBEN), Prof. Edoba Omoregie, said the Nigerian Education Loan Fund (NELFUND) is the best education policy initiative the country’s education system has ever seen.
Omoregie said the fund is better than the other models run by countries like the United States of America (U.S.A.) and the United Kingdom (UK).
Addressing reporters in Benin City, the vice chancellor expressed disappointment over the low interest Nigerian students have shown in accessing the fund.
He likened NELFUND to an education grant because of the process for accessing it, its moratorium before repayment starts, and the percentage deducted.Related News
Omoregie said: “NELFUND is like manna from heaven. That is the way I would describe it. It is one of the most significant public policy initiatives ever introduced into this country since independence. I have to commend President Bola Ahmed Tinubu for what he has done. He signed the NELFUND Bill into law. There was an initial version, which was developed during the time of President Muhammadu Buhari, but it was never signed into law.
“To the credit of President Tinubu, he signed the first one into law. Then, when he saw that there were some operational defects, he repealed it and then approached the parliament to enact a new one in early 2024.
“I am sure even from outside the country now, they will come and study (here) sooner rather than later. This is because, unlike many of the student loans that you have in America, the UK, and all that, which makes them skeptical, this one is an interest-free loan. Maybe they should even use another word instead of calling it a loan. This is more like a grant.
“There is a moratorium that, until you start working, nobody is going to bother you. And when you start working, nobody is going to ask you to pay with the bulk; rather, they would take just a minute portion of your emolument. Everything will work out in such a way that you will not be burning out.”
