Led by President Bola Tinubu, the Nigerian Education Loan Fund (NELFUND) is ensuring economically disadvantaged students get access to quality education.

During an address at the Nigeria Institute of Legislative and Democratic Studies in Abuja, Akpabio described the Student Loan Scheme as one of the most important pieces of legislation passed by the tenth Assembly.

He highlighted that the bill is designed to help underprivileged children pursue higher education without the burden of financial constraints.

“One of the most important bills for the tenth Assembly was the bill sent to us by President Bola Tinubu. The Student Loan Bill enables vulnerable Nigerian students, the less privileged, to obtain higher education. And as I speak to you now, over 30,000 Nigerian students have already been selected to benefit from that scheme. That is one of the bills I will say appeal to me the most,” Akpabio said.

In addition to discussing the student loan scheme, Akpabio spoke on Nigeria’s old national anthem, “Nigeria, We Hail Thee,” which was abolished in 1978. He pointed out that retaining the old anthem could have helped prevent issues such as banditry and insecurity.

“The other impactful bill signed by the National Assembly is the reverting to our old national anthem. A lot of people are not aware that there was a panel set up and made up of Nigerians to receive input from all over the world in 1959.

“So when people are saying we’re bringing in colonial anthem, they need to look into the history of ‘Nigeria, we hail thee.’ If we had kept to that anthem, we probably would not have banditry today in Nigeria because if you take your neighbour as your brother, you will not want to kill him,” Akpabio added.

The revised Student Loan Act 2024 aims to remove financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.

Funded through an innovative amalgamation of government revenues, including taxes and natural resource profits, NELFUND is set to provide comprehensive financial support covering tuition, fees, and living expenses.

With a repayment grace period extending two years post-NYSC program completion, the scheme comes with a good approach to financial aid, ensuring that today’s scholars can become tomorrow’s leaders without the issue of debt.

The scheme, anticipated to launch within the next three weeks, holds the potential to become a defining legacy of the current administration.

During a meeting with a delegation from the National Association of Nigerian Students (NANS) led by the Association’s President, Lucky Emonefe, Gbajabiamila emphasized President Tinubu’s focus on the success of the Student Loan Funds policy. He assured that the launch is expected within the next two to three weeks, with final details currently being finalized.

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Highlighting the program’s potential, Gbajabiamila addressed the unconstitutionality of educational deprivation due to birth circumstances. He stated, “It is to make sure people are not deprived of their education just because of circumstances of their birth that itself is unconstitutional.” 

He urged students to counter negative criticisms and champion the policy’s benefits, stressing their key role in ensuring no deserving student is left behind. “Now we are going to need you for the success of this policy because generally, it is a well-received policy,” he said, calling for their embrace and active participation in its success.

Addressing concerns about potential disruptions due to strike actions by the Academic Staff Union of Universities (ASUU), Gbajabiamila reassured students that the government is actively addressing the union’s concerns and striving to prevent any looming industrial action. 

He reiterated President Tinubu’s commitment to ending strikes in universities and higher institutions through various directives. This commitment includes declarations aimed at ending strikes by academic unions, highlighting the government’s focus on creating a stable learning environment.

Beyond the Student Loan Funds policy, Gbajabiamila acknowledged the inclusion of two youth representatives in the Federal Executive Council. He further noted plans for establishing a Youth Advisory Council to directly advise the President on youth-related matters and development initiatives. 

This move points to the government’s recognition of the importance of youth voices and their inclusion in shaping the nation’s future.

This development holds huge promise for improving educational opportunities and empowering Nigerian youth to contribute meaningfully to the nation’s development.

Addressing the nation at the 29th session of the annual Nigeria Economic Summit in Abuja, Tinubu assured Nigerian students that the era of incessant strikes by academic staff unions of tertiary institutions will become a thing of the past.

The Student Loan Programme, a bill signed into law by President Tinubu in celebration of June 12, aims to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund. 

Sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, the bill ensures that funds will be allocated in the Ministry of Education and will be accessible exclusively to indigent students of tertiary institutions.

This move follows President Tinubu’s recent decision to waive the ‘no-work, no-pay policy’ imposed by the previous administration on members of the Academic Staff Union of Universities (ASUU). The eight-month strike, which began on February 14, 2022, and ended on October 17, 2022, focused on demands including improved school funding.

During the summit, President Tinubu also emphasized the need for comprehensive reforms in the legal system and civil service, acknowledging the challenges faced by the judiciary. He pledged to build new and affordable homes at an unprecedented pace, promising a significant improvement in the welfare of judicial professionals.

Tinubu stressed the importance of initiating a sustainable credit scheme, essential for an effective anti-corruption campaign. He highlighted the necessity of addressing financial constraints that hinder individuals from basic necessities like car ownership and homeownership.

The announcement has been met with widespread anticipation and positivity, with many hopeful that the Student Loan Scheme will pave the way for accessible and quality education for all while putting an end to the disruptions caused by academic strikes. 

As the nation eagerly awaits the implementation of this transformative initiative, President Tinubu’s administration continues to prioritize education and sustainable economic growth for the betterment of the Nigerian populace.