Yiaga Africa has conducted a training for six NotTooYoungToRun hubs in public tertiary institutions in Lagos State on how to monitor the implementation of the Nigerian Education Loan Fund (NELFUND) in their various schools, as NELFUND commences disbursement of the student loans.
The training, which is supported by the United Kingdom Foreign, Commonwealth and Development Office (FCDO) brought together 10 female and 8 male students who lead the hubs in their various schools, and provided them with an in-depth understanding of the NELFUND as well as validated a new tool developed by Yiaga Africa for tracking the loans.
This initiative is aimed at ensuring that students in need of financial support benefited from the student loan scheme, which was inaugurated by President Bola Tinubu in June 2023, and has received approval for the disbursement of N35 billion to students in tertiary institutions across the country. It is expected that at least 1.2 million students will benefit from the first phase of the programme designed to provide financial support, including school fees and stipends, to eligible students nationwide.
So far, the scheme has over 164,000 students registered, and 103,000 completed loan applications since its portal opened on May 25. This is in excess of the target of 70,000 applications, while another 50,000 applications are awaiting approval. The Fund has announced that it has approved student loans amounting now to over N2.5 billion, benefiting 22,120 students.
Yiaga Africa’s Knowledge Management and Learning Programs Officer, Rotnen Lepgak, began the training with a baseline knowledge assessment, which gauged the participants’ existing knowledge about NELFUND.
“In order to ensure that this training provides you with all the knowledge you need to successfully monitor the student loan, a knowledge test is considered most appropriate in gauging your knowledge and will serve as insight into areas where you might need further training,” he said.
“This will aid our facilitators tailor the subsequent sessions to address specific knowledge gaps and reinforce certain important concepts.”
Following the assessment, Yiaga Africa’s Citizens Engagement Programs Officer, Aanuoluwapo Kukoyi, provided a comprehensive overview of the Student Loan Bill, detailing recent amendments to the Act establishing the scheme and their implications for loan eligibility, application processes, and repayment terms. This session clarified the new provisions and their impact on Nigerian students, offering valuable insights into the legislative changes affecting the loan system.
Samuel Folorunsho, our Senior IT Officer, led a session on the core functions of NELFUND, explaining its role in providing financial support for tuition fees, and student upkeep at approved institutions. He also discussed the governance structure of NELFUND, including the responsibilities of its board and management.
Participants were introduced to the Student Loan Tracker, a tool developed to monitor loan disbursement and ensure transparency. The session emphasized the importance of the Tracker in enhancing the accessibility and effectiveness of NELFUND. Following this, attendees reviewed and validated the Tracker’s questionnaires, ensuring they effectively capture necessary data for monitoring loan distribution.
There was also a session on how to conduct town hall meetings with elected representatives as part of efforts to further improve the quality of governance and encourage citizens’ participation in the governance process & decision-making. This segment, which was handled by our Programs Officer, Sanusi Olaniyan, was targeted at equipping participants with the skills needed to engage with policymakers and advocate for the effective implementation of NELFUND. The skills gained from this session are expected to play a crucial role in maintaining the focus on initiatives related to employment and education at the legislative level.
Participants highlighted the comprehensive nature of the training and the practical skills acquired, particularly noting the value of the sessions on the Student Loan Bill and the Tracker. They further expressed their intention to share the knowledge gained with their peers, enhancing the broader understanding of NELFUND and its benefits.
