NELFUND concept better than UK, US models- UNIBEN VC

Vice Chancellor of the University of Benin (UNIBEN) Professor Edoba Omoregie has described the Nigerian Education Loan Fund (NELFUND) as the best education public policy initiatives to happen to the country’s education system.

Omoregie said the scheme was better than the models run by countries like the United States of America and the United Kingdom.

Speaking in an interview in Benin City, the UNIBEN VC expressed disappointment on the interest Nigerians have shown to access the Fund.

Omoregie explained said NELFUND was more like an education grant due to the process of accessing it, provision of moratorium before repayment starts and percentage to be deducted.

Omoregie said: “NELFUND is like manna from heaven. That is the way I would describe it. It is one of the most significant public policy initiatives ever introduced into this country since independence.

‘’I have to commend President Ahmed Tinubu for what he has done. He signed the NELFUND bill, there was an initial version which was developed during the time of President Buhari, but it was never signed into law.

"To the credit of President Tinubu, he signed the first one into law and then when he saw that there were some operational defects, he decided to repeal and then approach the parliament to enact a new one early 2024.

“I am sure even from outside the country now they will come and study sooner than later because unlike many of the student loans that you have in America, UK and all that which makes them skeptical, this one is an interest free loan.

‘’Maybe they should even use another word instead of calling it a loan. This is more like a grant.

‘’There is a moratorium that until you start working, nobody is going to bother you and when you start working, nobody is going to ask you to pay with the bulk, rather they would just take just a minute portion of your emolument, everything will work out in such a way that you will not be burning out.”