The Senator representing Imo West Senatorial District, Sen. Osita Izunaso, has called for a broader funding structure for the Nigerian Education Loan Fund (NELFUND).
He urged state governments and corporate organisations to contribute financially to ensure the sustainability of the scheme.
Izunaso also called for a five-year repayment plan for beneficiaries after graduation, saying a more flexible repayment framework would help protect the fund while easing the burden on young graduates entering the workforce.
He stressed that expanding the pool of contributors is critical to guaranteeing the long-term viability of NELFUND and ensuring that future generations of students continue to benefit from the programme.
This is contained in a statement by his Media Office in Abuja on Thursday.
Izunaso also pushed for an extension of the loan repayment period from two years to five years, describing the current arrangement as unrealistic in the face of Nigeria’s employment challenges.
“Unarguably, NELFUND is one of the most practical achievements of this administration,” he said.
He stressed that while the initiative had recorded early success, urgent reforms were required to ensure its continuity beyond the current administration.
“Everything that has to be done for its sustainability has to be done, so that it will not die whenever this government leaves office. NELFUND must be sustainable,” he stated.
Izunaso who chairs the Senate Committee on Capital Market commended the management of the fund for what he described as a high level of transparency and accountability in its operations.
“I must commend the management of NELFUND. They have been transparent. They have been accountable. It is easy to Google how much money NELFUND has received and how much money they have disbursed”.
The senator also called for a review of the monthly upkeep allowance of N20,000 paid to students under the scheme, describing it as insufficient.
“The monthly stipend of N20,000 is too little to sustain the students. That amount must be increased,” he said.
