Arc. Sonny Echono, the Executive Secretary of the Tertiary Education Trust Fund (TETFund), has lauded the Federal Government’s Students Loan Scheme
He emphasized its potential to ensure sustainable higher education and functional skills development for all Nigerian students and youths, irrespective of their socio-economic backgrounds.
Background and Significance
- Echono’s endorsement of the Students Loan Scheme was articulated during his presentation at the 26th Seminar of the Nigerian Academy of Education themed “Funding of Tertiary Education in Nigeria.”
- He highlighted the scheme’s interest-free loans with a moratorium, which received Presidential Assent on April 3, 2024.
- This legislation marks a pivotal moment in Nigeria’s educational landscape, signifying President Bola Tinubu’s commitment to revolutionizing access to higher education.
- The enactment of the Students Loan Act promises to alleviate financial burdens for aspiring students and foster inclusivity across socio-economic strata.
Key Features and Benefits
- The essence of the student loan scheme lies in its ability to alleviate the immediate financial strain on students, allowing them to focus on their studies.
- Echono emphasized that this shift in the payment burden to post-graduation periods aligns with the realities of earning potentials.
- Furthermore, tertiary education’s transformative role in shaping individuals’ knowledge, skills, and mindset cannot be overstated.
- Echono highlighted the imperative for tertiary institutions to address societal needs by promoting capacity building, skills acquisition, and lifelong learning programs conducive to sustainable national development.
TETfund’s Role and Contributions
- Reflecting on TETfund’s interventions in tertiary education funding, Echono highlighted the agency’s pivotal role in supporting infrastructural development, research initiatives, and capacity building across Nigerian institutions.
- TETfund’s contributions encompass a wide array of projects, including the funding of physical infrastructure, equipment procurement, provision of academic libraries, and support for research endeavors aimed at addressing national and global challenges.
Specific Initiatives and Impact
- Notable initiatives such as the Institution Based Research (IBR) projects, National Research Fund (NRF), and various research and innovation programs have significantly bolstered Nigeria’s research capacity and innovation ecosystem.
- TETfund’s commitment to capacity building is evidenced by its sponsorship of academic staff for advanced degree programs, participation in international conferences, and supervision of teaching practice across institutions.
Ensuring Sustainable Funding and Collaboration
- Echono emphasized the need for a sustainable funding mechanism for tertiary education, stressing the importance of synergy between academia, industry, and government.
- He called upon all stakeholders to collaborate in ensuring adequate funding aligned with national developmental goals, with TETfund reaffirming its commitment to transformative interventions aimed at enhancing institutional competitiveness and fostering sustainable development.
Conclusion
In conclusion, Echono’s endorsement of the Federal Government’s Students Loan Scheme underscores its significance in expanding access to higher education and promoting socio-economic development in Nigeria.
TETfund’s proactive interventions further underscore the commitment to enhancing the quality and competitiveness of tertiary institutions for the benefit of the nation.