In a significant move to support higher education, the Federal Executive Council has proposed a bill allocating 30% of Tertiary Education Trust Fund (TETfund) to the Nigerian Education Loan Fund.
This amendment to the TETfund Act of 2011 aims to establish a sustainable funding stream for student loans, ensuring more Nigerian students can access quality education.
According to Presidential Adviser Bayo Onanuga, “The new legislation will provide a steady source of funding for student loans, addressing concerns about the financial sustainability of the program.”
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The proposed bill sets aside one-third of TETfund’s annual allocation for the Nigerian Education Loan Fund, supplementing budgetary allocations from the Federal Government.
Onanuga explained, “TETFund’s focus on infrastructure development will now be complemented by supporting students’ financial needs, ensuring they can utilize these facilities effectively.”
The bill also caps TETFund’s administrative expenses at 5%, ensuring efficient use of resources.
This reform has the potential to transform Nigeria’s education landscape, making higher education more accessible and affordable for thousands of students.
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