The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, has warned against the misuse of the Nigerian Education Loan Fund (NELFund), a significant project of President Bola Ahmed Tinubu’s administration that has disbursed loans totalling N84.2 billion.
Speaking at the 39th Convocation Lecture of the University of Ilorin on Friday, the Minister stated that as of September 2024, the Fund has issued 351,317 loans amounting N84.2 billion. He emphasised that the loan is not a gift and must be paid back by the beneficiaries.
Fagbemi, who gave a lecture titled ‘Nurturing Democratic Values and Education for the Future of Nigeria’ at the university’s main campus in Ilorin, exhorted loan recipients to honour their repayment obligations to ensure the continuity of the scheme for future students.
He noted that the country’s current economic difficulties are temporary, expressing optimism that the challenges will be overcome in due course.
“The current economic situation Nigerians are experiencing is a phase in our national life, it will come and go,” Fagbemi said.
The Minister emphasised the importance of education to the nation’s development and praised President Tinubu’s Renewed Hope program, which he claimed puts education at the heart of national growth.
“If we aspire to realize this hope, education must ascend to its rightful place,” Fagbemi said, adding that the NELFund has started to have a good impact on Nigeria’s tertiary education sector.
Professor Wahab Egbewole, Vice Chancellor of the University of Ilorin, recently addressed a press briefing ahead of the convocation ceremonies on October 21 and 22.
He said that 12,042 graduates would be awarded various degrees during the ceremonies, with 256 receiving first-class honours.