RismadarVoice Reporters
October 26, 2026
The Vice-Chancellor of the University of Benin (UNIBEN), Professor Edoba Omoregie, SAN, has described the Nigerian Education Loan Fund (NELFUND) as a major advancement in education financing, arguing that its structure offers significant advantages over student loan arrangements in the United States and the United Kingdom.
Omoregie made the remarks during an interview on Monday, expressing concern over what he described as inadequate awareness and participation among eligible Nigerian students.
According to him, the scheme’s interest-free structure, simplified application requirements and income-linked repayment provisions make it particularly beneficial to students from financially disadvantaged backgrounds.
He described NELFUND as a landmark government intervention capable of expanding access to higher education and reducing the financial pressures faced by students and their families.
The vice-chancellor commended President Bola Tinubu for introducing reforms to the student loan framework, noting that the revised legislation addressed several restrictions contained in the original law.
Omoregie, who said he participated in the technical review process, explained that the earlier framework contained requirements that could discourage eligible applicants, including provisions relating to guarantors.
He maintained that removing such barriers had made the programme more accessible.
Under NELFUND’s existing guidelines, beneficiaries are not required to provide guarantors, and approved loans attract no interest.
Repayment generally becomes due two years after completion of the National Youth Service Corps programme, with employed beneficiaries required to repay 10 per cent of their monthly salaries.
Self-employed beneficiaries are expected to remit 10 per cent of their monthly profits, while unemployed graduates may seek an extension by formally declaring their employment status.
Omoregie argued that these provisions distinguish the Nigerian programme from student financing arrangements that impose interest charges or different repayment obligations.
He further suggested that the scheme could eventually make Nigeria more attractive to students seeking affordable higher education.
However, his assessment that NELFUND is superior to American and British student loan systems represents his opinion rather than the conclusion of an independent comparative study.
Student financing arrangements in the United States and United Kingdom differ in eligibility, interest rates, repayment thresholds and government support.
The vice-chancellor urged eligible Nigerian students to take advantage of NELFUND, stressing that greater participation could help expand educational opportunities.
He also called for sustained public awareness to ensure that students understand the application process, available benefits and repayment obligations.
