The Senate Committee on Tertiary Institutions and TETFund has called for prudent utilisation of resources allocated to the Nigerian Education Loan Fund (NELFund).

The committee chairman, Muntari Dandutse, made the call on Monday at a retreat organised by NELFund in partnership with the Senate Committee in Abuja.

The retreat has the theme “NELFund and the Future: Pathway to Sustainability.”

Mr Dandutse said that for NELFund to meet and exceed expectations, sustainability must remain at the forefront of its agenda.

“Sustainability here entails financial prudence, policy integrity, innovative partnerships and a commitment to continuous improvement.

“We must establish and strengthen mechanisms that ensure accountability and prudent utilisation of resources.

“Let us explore practical ways to harness data to identify priority needs, allocate funds efficiently and measure the impact of every naira disbursed.

“Innovation must guide our approach to loan disbursement, collection, and even building financial literacy among students.

“Our partnerships with private sector stakeholders, development partners and relevant government agencies will play a crucial role in scaling our impact,” he said.

The chairman assured of the committee’s continued commitment to policies and frameworks promoting sustainability, innovation and equity in education financing.

Meanwhile, Sunday Oluyemi of Qonsults Limited, who presented a paper on “Imperatives and Comparative Studies on Student Loan Schemes and Policies,” said student loans were essential to improving access to higher education.

He noted that there were challenges in implementing such loans, which included limited government budgets, adding that such could restrict the availability and sustainability of loans.

Mr Oluyemi further said that nations with more accessible educational funding report higher levels of skilled workers, which contributed directly to economic growth and innovation.

(NAN)