Five South-East schools receive N467 million in student loans

As of September 6, 2024, five tertiary institutions in Nigeria's South-East region have received funding from the Federal Government's student loan program, according to data from the Nigeria Education Loan Fund (NELFUND). This development follows previous accusations that NELFUND had been intentionally excluding South-East schools from the loan distribution process.

In response to these allegations, NELFUND clarified that it had not intentionally ignored any institutions, explaining that the institutions in the South-East had not completed the necessary verification procedures. 

“It’s important to clarify that geopolitical zones are not a factor in the disbursement process,” NELFUND stated. "A verification list was sent to all institutions eligible for disbursement. Payments are made only to institutions that have completed this verification. Unfortunately, no institutions from the South-East have responded to our verification process so far. We encourage these institutions to do so in order to allow their students to benefit from the scheme."

However, a report on Tuesday confirmed that some institutions in the South-East have started receiving funds from the student loan scheme. According to the data obtained from NELFUND, the beneficiaries include Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, which received N193,377,100; Michael Okpara University, N71,016,220; Abia State University, N12,469,503; Federal Polytechnic, Nekede, Imo State, N368,400; and Ebonyi State University, N78,313,000.

NELFUND has continued its efforts to raise awareness, particularly in the South-East region. Last week, the fund conducted a sensitization campaign, visiting institutions such as Chukwuemeka Odumegwu Ojukwu University in Anambra State and Federal Polytechnic, Nekede in Imo State.

The student loan program is a key initiative in the education sector under President Bola Tinubu's administration. Shortly after taking office, President Tinubu signed the Access to Higher Education Act, which establishes a legal framework for providing loans to low-income or financially disadvantaged Nigerians to help them pay tuition fees at tertiary institutions.

The Act, reenacted earlier this year, created NELFUND, which is responsible for managing loan applications, grants, disbursement, and recovery. The fund is expected to receive financing from various sources and engage in other productive activities.