Senator Seeks NELFUND Act Amendment, Proposes Five-Year Repayment Window

•Urges states, corporate firms to fund scheme, support beneficiaries’ employment

Sunday Aborisade in Abuja

A member of the Senate Committee on Tertiary Institutions and TETFund, Senator Osita Izunaso, has called for an urgent amendment of the Nigerian Education Loan Fund (NELFUND) Act to extend the repayment period for beneficiaries from two to five years.

The federal lawmaker, who is also the Chairman, Senate Committee on Capital Market, warned that the current arrangement could undermine the sustainability and effectiveness of the student loan scheme.

Izunaso made the call yesterday at a stakeholders’ forum on NELFUND in Abuja, where he also advocated increased funding contributions from state governments and corporate organisations to ensure the long-term viability of the programme.