Presidency Announces 30% TETFUND Allocation To Support Student Loan
Presidency Announces 30% TETFUND Allocation to Support Nigerian Education Loan Fund
The Presidency announced on Wednesday that the Tertiary Education Trust Fund (TETFUND) will allocate 30% of its resources to support the Nigerian Education Loan Fund (NELFUND) for student loans.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, shared this during a briefing at the Presidential Villa in Abuja. He explained that the amendment to the TETFUND Act is aimed at improving access to education, noting, “Funds previously designated for infrastructure will now support student loans, ensuring that children can attend school regardless of their parents’ financial means.”
O’tega Ogra, Senior Special Assistant on Digital/New Media, recalled President Tinubu’s earlier commitment during the #EndBadGovernance protests to use recovered funds from illegal activities to support NELFUND. “The President assured that these recoveries would be directed to strengthen NELFUND,” Ogra added.
He also outlined a government initiative allowing public higher institutions to retain their internally generated revenue (IGR) instead of remitting it to the federal government. “This will help universities utilize their IGR for operational needs,” Ogra said, acknowledging the need for more funding but highlighting these steps as interim solutions.
The government plans to redirect resources from infrastructure projects, allocate additional budgetary support, and use recovered funds from illegal activities to further bolster NELFUND. Sonny Echono, Executive Secretary of TETFUND, confirmed that the 2023 Intervention Budget of N320 billion is already allocated to beneficiary institutions, ensuring that the funds are used for the benefit of students.
This initiative reflects TETFUND’s commitment to improving education infrastructure while also supporting student scholarships and grants.