Deji Elumoye in Abuja
Two days after signing the Student Loan Amendment Bill into law, President Bola Tinubu on Friday approved the appointment of three qualified Nigerians to serve on the management team of the Nigerian Education Loan Fund (NELFUND).
According to a statement issued by presidential spokesperson, Ajuri Ngelale, the new appointments is in line with President Tinubu’s determination to secure Nigeria’s socio-economic future by ensuring sustainable higher education and critical skill development for all Nigerian students and the youth.
NELFUND’s new management team include
Mr. Akintunde Sawyerr, Managing Director/CEO; Mr. Frederick Oluwafemi Akinfala, Executive Director, Finance and Administration abd Mr. Mustapha Iyal, Executive Director, Operations.
With the appointment of the management team, the President expects that the necessary apparatuses are expeditiously put in place for the effective take-off of this pivotal Fund for the immediate and lasting benefit of Nigerian students and families in all parts of the country.
President Tinubu had on Wednesday signed the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill 2024 into law, expressing his determination to give education the proper attention.
Speaking during the brief signing ceremony, held in his office at the State House, Abuja President Tinubu said the new law was passed to ensure that no Nigerian will miss out on quality education, not on account of poverty or lack of opportunity.
The new law, which was structured out of one of President Tinubu’s social safety net plans to reorder how wealth is distributed in the country, is aimed at emphasizing his belief that education is the primary tool to effectively fight poverty.
The Student Loan (Access to Higher Education) Act 2023 was signed into law by President Bola Ahmed Tinubu GCFR on 12th June 2023, with the Act establishing the Nigerian Education Loan Fund (NELFUND) to supervise, coordinate, administer and monitor the management of student loans in Nigeria.
The administration of the Fund was vested in a Special Committee, with the Governor of the Central Bank of Nigeria (CBN) as the Chairman. The Governor implements the committee’s executive decisions and appoints a Secretary to assist.
However, due to a number of challenges identified with the Student Loan (Access to Higher Education) Act 2023, the Students Loans (Access to Higher Education) (Repeal and Re-Enactment) Bill 2024 was proposed to resolve the identified challenges.
