The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, on Friday advised against the abuse of Nigerian Education Loan Fund (NELFund) instituted by the administration of President Bola Ahmed Tinubu which he said had so far granted a total loan of N84.2 billion.
He said as of September 2024, the Fund had granted 351,317 loans totalling N84.2 billion which he clarified was not a gift but a loan that must be repaid back by the beneficiaries.
Fagbemi gave the advice while delivering the 39th convocation lecture of the University of Ilorin held at the institution’s auditorium’s main campus Ilorin.
The minister said the current economic situation Nigerians were going through “is a phase in our national life, it will come and go.”
The convocation lecturer whose lecture was titled, ‘Nurturing Democratic Values and Education for the Future of Nigeria,’ said the administration of President Tinubu instituted NELFund to assist Nigerian parents in ensuring that their children and ward have access to quality education.
He said, “Our present mantra, Renewed Hope, hinges on education. If we aspire to realise this hope, education must ascend to its rightful place. President Ahmed Bola Tinubu’s unwavering commitment to education is commendable. His vision will reshape the fortunes of Nigerian students and academics alike.
“My little research revealed that the NELFund, one of the pet projects of President Bola Ahmed Tinubu, GCFR, has begun to impact the tertiary education sector of our country. It is necessary to highlight a few of the notable achievements of the Fund. As at September 2024, the Fund had granted 351,317 loans totaling N84.2 billion.”
The Vice Chancellor, Professor Wahab Egbewole, who had earlier addressed a press briefing ahead of the convocation ceremonies scheduled for October 21 and 22, announced that a total of 12, 042 graduates would be convoked out of which he said 256 bagged first class honours.