The Senate Committee on Tertiary Institutions and TETFund has urged prudent utilization of resources dedicated to the Nigerian Education Loan Fund (NELFund).
This call to action was prominently voiced by the committee’s chairman, Muntari Dandutse, during a pivotal retreat held in collaboration with NELFund in Abuja on Monday.
The retreat, themed “NELFund and the Future: Pathway to Sustainability,” served as a platform for stakeholders to deliberate on the strategic steps necessary to ensure the long-term success and impact of NELFund. In his keynote address, Mr. Dandutse emphasized the vital role of sustainability in the Fund’s operations, stating, “Sustainability here entails financial prudence, policy integrity, innovative partnerships, and a commitment to continuous improvement.”
He stressed the importance of accountability in resource utilization, urging the establishment and enhancement of mechanisms to achieve this goal. “We must establish and strengthen mechanisms that ensure accountability and prudent utilisation of resources,” Dandutse noted, highlighting the need for data-driven approaches to pinpoint priority needs and ensure efficient fund allocation.
“Innovation must guide our approach to loan disbursement, collection, and even building financial literacy among students,” he added, pointing out the critical nature of partnerships with private sector stakeholders, development partners, and relevant government bodies in amplifying NELFund’s impact.
Furthermore, the chairman reassured the audience of the Senate Committee’s unwavering commitment to fostering policies and frameworks that support sustainability, innovation, and equity in education financing.
Adding to the discourse, Sunday Oluyemi of Qonsults Limited delivered an insightful presentation entitled “Imperatives and Comparative Studies on Student Loan Schemes and Policies.” He highlighted the essential role of student loans in broadening access to higher education, while also acknowledging the challenges such as limited government budgets that could hinder the availability and sustainability of these loans.
Mr. Oluyemi underscored the correlation between accessible educational funding and a skilled workforce, noting, “Nations with more accessible educational funding report higher levels of skilled workers, which contributed directly to economic growth and innovation.”
(NAN)
