The Chairman of the House Committee on Student Loans, Scholarships, and Higher Education Financing, Hon. Gboyega Nasir Isiaka, has announced that the student loan scheme has achieved remarkable success, with N84.2 billion disbursed to beneficiaries.
Isiaka, who represents the Yewa North/Imeko-Afon Federal Constituency, made this statement on Saturday while presenting a paper titled “Empowering The Next Generation: Education as a Catalyst for National Development (Student Loans Access to Higher Education Act, 2024 in Perspective)” at the 36th Annual General Conference of the Federal Government College Maiduguri Old Students’ Association (FEGOCOMOSA) in Abeokuta.
The lawmaker revealed that there have been 351,317 registrations on the Nigerian Education Loans Fund (NELFUND) portal, with 258,943 students applying for loans. He emphasized the vital role of education in national development and highlighted the student loan scheme’s potential impact.
Isiaka stressed the importance of strategic investments in education to elevate Nigeria’s status in the global knowledge economy of the 21st century. He noted that the student loan scheme will enhance access to higher education, alleviate the financial burden on students and their families, and ultimately contribute to improving the nation’s literacy rate and tertiary education enrollment.
He asserted that empowering students to pursue higher education will enable Nigeria to harness its demographic dividend and secure a prosperous future.
“Education has long been regarded as the most effective catalyst for sustainable societal progress. With over half of our population under the age of 30, we possess a tremendous reservoir of untapped human potential,” Isiaka stated.
He further added, “The student loan scheme represents a significant step towards developing our greatest asset: our people. The statistics are telling: 351,317 students have registered on the NELFUND portal, with 258,943 applying for institutional and upkeep loans. Thus far, N84.2 billion has been disbursed, comprising N27.5 billion for institutional loans and N56.7 billion for upkeep loans.”
“This figure goes beyond mere numbers; it symbolizes hope, opportunity, and our commitment to empowering students for success,” he concluded.
The National President of the Association, Chris Abu, highlighted that the essence of establishing unity schools across the federation was to foster cohesion among students from diverse ethnic backgrounds. However, he expressed concern that ongoing insecurity challenges in some regions are undermining this mission.
He called for a stakeholders’ meeting to explore solutions that would enable unity schools to fulfill their objectives.
Abu also raised alarms about the declining standards in the nation’s education sector, urging both government and private sectors to collaborate in resolving these issues.
“The current state of our educational system is alarming. Standards have declined and there is an urgent need for human resources and infrastructure improvements. We appeal to federal, state, and local governments as well as the private sector to work together in enhancing the situation,” he urged.
**Photo caption:** The House of Representatives member representing Yewa North/Imeko Afon, Hon. Gboyega Nasir Isiaka (third from right), former Ogun State Commissioner for Agriculture, Dr. Adeola Odedina, and leaders of the Federal Government College, Maiduguri, Old Students Association during the 36th Annual General Congress of the Association at the MITROS Hall, Abeokuta, on Saturday.
