President Bola Tinubu has appointed a new management team for the National Education Loan Fund, News About Nigeria reports.
The newly appointed team comprises Akintunde Sawyerr as Managing Director, Mr. Frederick Akinfala as Executive Director of Finance and Administration, and Mr. Mustapha Iyal as Executive Director of Operations.
The announcement was made by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, in a statement titled ‘President Tinubu appoints management team of the Nigerian Education Loan fund’.
This development follows President Tinubu’s recent signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.
The bill, aimed at establishing the Nigerian Education Loan Fund as a body corporate, received bipartisan support from the National Assembly.
The 2024 Act addresses the challenges identified in the previous legislation, including issues related to governance, loan purposes, eligibility criteria, application processes, and loan recovery.
It empowers the Loan Fund to enter contracts and take enforcement actions to recover loans.
Under the new legislation, the appointed officials will serve a five-year term and play crucial roles in the Fund’s operations.
It is worth recalling that the piece of legislation was sponsored by the Speaker of the 9th House of Representatives, Mr. Femi Gbajabiamila, and passed the third reading in the House on May 25, 2023.
The implementation of the law was, however, delayed due to various issues.
In March 2024, Tinubu wrote to the national assembly, urging the repeal and reenactment of the student loan law.
The letter, read on the floor of both chambers, listed the objectives of the Student Loan (Access to Higher Education) (Repeal and Reenactment) Bill 2024.
The proposed changes address challenges related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility, loan purposes, funding sources, and disbursement and repayment procedures.
