UNIBEN VC Praises NELFUND as Superior to US, UK Loans

Professor Edoba Omoregie (SAN), the Vice-Chancellor of the University of Benin, described the Nigerian Education Loan Fund (NELFUND) as one of the most significant public policy initiatives since Nigeria's independence. He stated that its model is superior to those in the United States and the United Kingdom.

Omoregie expressed concern over the low interest in accessing the fund, highlighting its unique application process, a moratorium before repayment, and a small percentage of income deducted during repayment, likening it to an education grant. He commended President Bola Tinubu for signing the initial student loan law from former President Muhammadu Buhari and later repealing it to introduce a new version through an executive bill, which he deemed student-friendly.

Omoregie, part of the technical team reviewing the initial version, noted that several provisions were removed to address concerns from the former President, which he felt diluted the bill's core value. He emphasized that NELFUND is essentially an interest-free loan, with a repayment structure that eases the burden on beneficiaries.