During a press briefing at the Aso Rock Villa in Abuja, Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, stated that this amendment, which was approved in a recent Council meeting, will be forwarded to the National Assembly for consideration.
If passed, TETFund would be required to reserve 30 percent of its allocations from the Federation Account for the Nigerian Education Loan Fund, established under the Students Loans (Access to Higher Education) Act. The bill also places a cap of 5 percent on TETFund’s annual administrative expenses, ensuring that funds are primarily directed towards educational initiatives rather than administrative overheads.
Onanuga emphasized that this amendment will create a sustainable funding source for student loans, addressing concerns about financing higher education. He clarified that while TETFund will contribute significantly to the Nigerian Education Loan Fund, additional budgetary allocations from the Federal Government will continue to support this initiative.
The proposed changes reflect the government’s commitment to enhancing access to higher education through improved financial support mechanisms for students, ensuring that educational facilities funded by TETFund can be effectively utilized.
