Student Loan Scheme: FG Disburses N84.2bn to Beneficiaries

The Nigerian government has made strides in educational financing by disbursing N84.2 billion through its student loan scheme, as announced by Hon Gboyega Nasir Isiaka, Chairman of the House Committee on Student Loans, Scholarships, and Higher Education Financing.

This initiative aims to enhance access to higher education, reduce financial burdens on students, and improve literacy rates and tertiary enrollment ratios across the nation.

Speaking at the 36th Annual General Conference of the Federal Government College Maiduguri Old Students' Association (FEGOCOMOSA) in Abeokuta, Isiaka emphasized the critical role of education in national development.

He stated, "Education has long been recognized as the surest catalyst for sustainable societal progress… With over half of our population under the age of 30, we have an immense wellspring of untapped human potential."

The student loan scheme has seen 351,317 students register on the Nigerian Education Loans Fund (NELFUND) portal, with 258,943 applying for loans. Of the total disbursed amount, N27.5 billion was allocated for institutional facilities, while N56.7 billion supported upkeep facilities.

Isiaka highlighted that this financial support represents "hope, opportunity, and a commitment to empowering our students to succeed." However, Chris Abu, National President of FEGOCOMOSA, expressed concerns about the declining standards in the educational sector, urging stakeholders to collaborate for improvements.

He called for a meeting to address these challenges, emphasizing the need for unity and cohesion among students from diverse ethnic backgrounds.