Nigeria showcases NELFUND at UN, seeks action to protect education financing

The Nigerian government has showcased its interest-free student loan scheme, the Nigerian Education Loan Fund (NELFUND), as a major initiative to expand access to higher education at the United Nations.

Nigerian government also called for international debt arrangements that will protect education financing from mounting debt-service obligations and rising borrowing costs.

Nigeria presented the initiative in New York during the UN General Assembly Third Committee dialogue with Farida Shaheed, the Special Rapporteur on the right to education.

Delivering Nigeria’s national statement, Amb. Bola Asaju identified NELFUND as part of the government’s efforts at removing financial barriers preventing eligible students from pursuing tertiary education.

The delegation explained that the scheme provides interest-free loans to eligible students, covering institutional charges and upkeep to make higher education more accessible.

Nigeria maintained that expanding access to education remained essential to reducing poverty, promoting social mobility and creating economic opportunities, particularly for young people.

The government presented the initiative against growing international concerns that debt repayments and financial constraints were undermining educational opportunities across developing countries.

Nigeria warned that rising debt-service obligations, high borrowing costs and inadequate international assistance were placing increasing pressure on national education budgets.

It expressed concern that these pressures could undermine investments in schools, teachers, educational materials and learning facilities, particularly in underserved communities.

The delegation consequently, urged governments and international financial institutions to protect education expenditure when negotiating debt arrangements and implementing economic adjustment programmes.

Nigeria maintained that financial difficulties should not deny children and young people access to quality education because of their socioeconomic circumstances.

It also challenged international financial institutions to develop practical mechanisms for safeguarding education budgets during periods of debt distress.

The delegation specifically asked Shaheed how governments and international lenders could protect funding for schools, teachers and other essential educational services.

Nigeria’s intervention followed the Special Rapporteur’s presentation examining how the international financial architecture affects countries’ ability to fulfil their obligations concerning the right to education.

Shaheed warned that mounting public debt, austerity measures and declining development assistance were constraining government investment in public education.

Citing UNESCO data, the debate highlighted that 113 countries, home to approximately 6.1 billion people, spend more on debt servicing than education.

The Special Rapporteur advocated reforms to international debt governance, including safeguards for education expenditure during debt restructuring and fiscal adjustment.

She also called for debt sustainability assessments by the International Monetary Fund and World Bank to give greater consideration to countries’ human rights obligations.

Shaheed urged stronger international tax cooperation and increased public financing to help governments provide accessible, equitable and quality education.