So, I am using this space to challenge our leaders to be realistic with their models. It is nonsensical for some experts to model N2.7 trillion, only to land at N0.32 trillion, implying that the model was thoughtless and out of reason. Nigeria should and must do better because we have brilliant people in the land.  

Finally, whoever did the revenue model for the federal government for Q1 2024 should be changed; I am not sure he/she has anything to offer Nigeria. This is a country of 220 million people; we can find better people to do that job.

The federal government suffered a massive budget deficit in the first quarter of 2024, missing its revenue target of N2.69 trillion by a whopping 745 per cent.

The accountant general of the federation, Oluwatoyin Madein said that the federal government revenue inflows amounted to a total of N318.5 billion in the first quarter of the year, 2024.

Madein said this at a hearing organised by the House of Representatives Committee on Finance to monitor the revenue by  federal government agencies.

Represented by the director, Revenue Expenses, Felix Ogundayero, the Accountant General said this was against a total expected revenue of N2.591 trillion for the year 2024.

Madein added that a reconciliation of the figures was still ongoing and what was declared is what is available at the moment.

She said: “Reconciliation is still being done but the total revenue inflows to the federal government for January to March amounts to N318. 5 billion as against a total budget of 2.691 trillion.

This is a good policy and I want to commend the government: “In a move aimed at enhancing educational access and inclusivity, the federal government has announced that the student loan application portal will officially open on Friday, May 24, 2024. This announcement was made through a statement issued by the Nigerian Education Loan Fund (NELFUND) management, led by its Managing Director, Mr. Akintunde Sawyerr.”

Yet, I must add that this loan must not remove the educational subsidies which have been the backbone of the Nigerian educational system. People like me benefitted from the generosity of Nigeria. I was a three-time University Scholar Award recipient while in Federal University of Technology Owerri, winning the Vice Chancellor awards multiple times. But even without those awards, the tuition was largely manageable. Nigeria helped us.

So, I want to remind the government that the only thing a poor kid benefits from Nigeria is subsidized education, and if we remove that, generational economic mobility will stall. I will support a bill which will earmark 0.1% of oil revenue to continue to subsidize our education. Nigeria can do that, and we must sustain that tradition.

So, I welcome these loans, but let them be to expand access for the kids who may not even afford the already subsidized fees.

https://x.com/ndekekwe/status/1791418017244459097

Nigerian Government to Launch Student Loan Application Portal on May 24

In a move aimed at enhancing educational access and inclusivity, the federal government has announced that the student loan application portal will officially open on Friday, May 24, 2024. This announcement was made through a statement issued by the Nigerian Education Loan Fund (NELFUND) management, led by its Managing Director, Mr. Akintunde Sawyerr.

The statement, signed by Nasir Ayitogo, Media and Public Relations Lead at NELFUND, emphasized the government’s commitment to making higher education accessible to all Nigerian students. 

“The management of NELFUND are thrilled to announce 24th of May, 2024 as the official date for the opening of the portal for student loan applications,” the statement read.

PRESS RELEASE

STUDENTS LOAN APPLICATION PORTAL OPENS MAY 24th

The management of Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Mr Akintunde Sawyerr are thrilled to announce 24th of May, 2024 as official date for the opening of portal for student loan…

— NELFUND Nigeria (@NELFUND) May 16, 2024

Portal Details and Accessibility

The newly launched portal, accessible at nelf.gov.ng, will offer a user-friendly interface for students to submit their loan applications conveniently. 

“Through the portal, students can now access loans to pursue their academic aspirations without financial constraints. We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation,” the statement added.

For further information and assistance, students are advised to contact NELFUND via email at info@nelf.gov.ng or through their social media handles.

Application Requirements and Process

Last month, during an interactive session with the Education Writers Association of Nigeria (EWAN) in Lagos, Mr. Sawyerr detailed the requirements for accessing student loans under the revised act. Candidates will need to provide their Unified Tertiary Matriculation Examination (UTME) registration number, National Identification Number (NIN), and Bank Verification Number (BVN). These stringent requirements are designed to ensure transparency and accountability in the loan disbursement process.

Sawyerr revealed that approximately 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centers are expected to benefit from the loan scheme. The funds allocated for the program are equivalent to one percent of the revenue generated annually by the Federal Inland Revenue Service, according to Sawyerr.

Loan Disbursement and Repayment

Elaborating on the disbursement process, Sawyerr outlined a two-step approach to ensure efficient and effective use of funds. Firstly, the allocated funds for school fees will be disbursed directly to the educational institutions on behalf of the students, ensuring seamless payment and enrollment. Secondly, a stipend will be deposited directly into the student’s bank account to cover additional expenses related to their education.

Students who are financially disadvantaged and seek assistance for their education are encouraged to apply through the designated website, where they will be required to submit their matriculation details for verification. Importantly, beneficiaries will be expected to commence loan repayment upon securing employment or establishing businesses, ensuring the sustainability and continued circulation of funds within the education sector.

Sawyerr highlighted that the implementation of some of these progressive education policies, coupled with the revamped NELFUND loan scheme, is part of a broader government effort to tackle the numerous challenges facing the education sector. 

Though the student loan scheme has been criticized due to the volume of funds allocated to it among other reasons, the launch of the student loan application portal is seen by many as a significant step towards achieving educational equity and empowering Nigerian students to achieve their academic goals.

For more information on the application process and eligibility criteria, visit nelf.gov.ng.