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Nigeria reportedly set to secure another $500 million World Bank loan for basic education The Federal Government is seeking a $500 million World Bank loan to improve basic education, aiming to boost learning and cut out-of-school numbers. This is according to the Programme Information Document for the loan project. Naira Metrics reports that the loan is part of the World Bank’s HOPE for Quality Basic Education for All initiative, which aims to improve learning outcomes and address the challenges of out-of-school children. Set for formal approval by March 2025, this project plays a key role in Nigeria’s education reform efforts. The PID disclosed the total cost at $554m, with $500m funded by the World Bank and $54m from the Global Partnership for Education grant. The HOPE-Education operation will be financed by a World Bank IDA credit of $500m and a GPE grant of $54m. The bank has been selected as one of two grant agents (along with UNICEF that will manage the other $54m) for implementing the System Transformatio n Grant of $107.59m; programme design, oversight, and TA for implementation support will be aligned across both agents,” the document read. WhatsApp Facebook Twitter Email LinkedIn Reddit The post Nigeria reportedly set to secure another $500 million World Bank loan for basic education appeared first on Akelicious.

“I was about to drop out of school when I heard about PressPayNg. They helped me with my Education funds, and also offered me a scholarship, making my education dreams come true. It is the best platform for students in Nigeria” _ Nsikak Umuette It's resumption but you're not sure of where your school fees will come from? Just like Nsikak, PressPayNg can help you finance your education with their non collateral students loan. Imagine resuming school happily with your complete school fee… ➡️ Without having to suffer the trauma of your uncle ignoring your calls because they know you want to talk about school fees. ➡️ No need to clog your mind with endless thoughts of how the money will come. ➡️ Late payment of fee with charges is no longer your portion. ➡️ Finally you, get to focus 100% on aceing your courses. All these can be your reality if you allow PressPayNg to help you. Download the PressPayNg app now and secure your students loan with ease. The bad economy of our country can't dim your vision of bagging that degree. Not if you allow PressPayNg to lend you a hand. Your first step is to download the PressPayNg app now or… Reach out to me using the link in the comments for directions.

Investing in your child's university education early on can truly change their future. 🌟 As a Zimbo, I understand the constant juggle between meeting immediate financial needs and planning for long-term goals. The rising costs of higher education can be overwhelming, and without access to student loans in Zimbabwe, the financial pressure is even greater. That's why starting an offshore education fund early is so important. It can help ease the burden of big, last-minute expenses and ensure your child has the opportunity to pursue their dreams. 🔹 Imagine your child being able to attend the university of their dreams without financial worries. 🔹 Picture them focusing fully on their studies and future, free from financial stress. Taking this step isn't just a financial decision; it's a heartfelt commitment to your child's future and peace of mind for you. Let’s make sure their dreams are within reach! #FinancialPlanning #EducationFund #FutureInvestments #ParentingTips #OffshoreInvesting #ZimbabweEducation

Planning for Your Child's Tertiary Education Tertiary education in South Africa is expensive, but starting to save early and consistently can make it more manageable. Here’s a quick guide: Cost Overview: A four-year degree can cost around R340,000 today, which may rise to about R1 million in 17 years due to 6% annual inflation. Including accommodation, meals, and other living expenses, you could need R3.2 million. Saving Strategies: Begin saving early. If you start when your child is very young, the monthly savings required will be significantly less than starting at age 10. Investment Tips: Consider a broad-based, low-cost exchange-traded fund for flexibility and inflation-beating returns. Set up a monthly debit order for consistent investment and rand-cost averaging. Additional Funding: Look into student loans or bursaries to supplement savings. Start planning now to secure your child's educational future. #EducationPlanning #FinancialPlanning #Investing #SaveForEducation #TertiaryEducation #SouthAfrica #FutureInvestments #SmartSaving #FinancialGoals #StudentLoans #Bursaries #ETF #RandCostAveraging https://lnkd.in/dvXVZYX6

N50,000 for a student, N1.9 million for a pilgrim With this meagre amount voted for education, the recent allocation of N90 billion in subsidies to 46,000 Hajj pilgrims has raised questions about the Nigerian government’s priorities when it comes to education. #HajjPilgrims #educationbudget #EducationLoan #ReligiousPilgrimage https://lnkd.in/eiCPdwTE

𝗡𝗘𝗟𝗙𝗨𝗡𝗗 𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗔𝗹𝗹𝗼𝘄𝗮𝗻𝗰𝗲: 𝗜𝗻𝗶𝘁𝗶𝗮𝗹 𝗘𝘅𝗰𝗶𝘁𝗲𝗺𝗲𝗻𝘁 𝗧𝘂𝗿𝗻𝗲𝗱 𝗗𝗲𝗹𝗮𝘆 𝗮𝗻𝗱 𝗗𝗶𝘀𝗮𝗽𝗽𝗼𝗶𝗻𝘁𝗺𝗲𝗻𝘁 The introduction of the NELFUND monthly allowance system generated significant excitement among students across Nigeria. The initial disbursement of N2,000 in August 2024 was welcomed as a promising start, with payments occurring between the 5th and 6th. However, this enthusiasm quickly waned as subsequent delays and inconsistencies emerged. The second installment, intended as the August upkeep allowance, was disbursed much later, between September 13th and 14th. This delay became a source of frustration, particularly as it coincided with the pressing financial needs of students. While the first batch of loans was approved, and institutional fees were settled, many students found themselves in a precarious situation. By the end of September, additional upkeep disbursements were made to other institutions, including the University of Jos and Federal University Dutsin-Ma,(believed to be subsequent batch of approvals) with payments occurring between the 25th and 27th. However, this staggered payment schedule left many students confused and dissatisfied. Another challenge is the discrepancies between the institutional fee displayed on the NELFUND portal and that required to be paid by the students as reflected on the school portal. Compounding these issues were failures from some universities and qualified institutions to upload and approve accurate student details promptly. These administrative hurdles resulted in discrepancies between the fees listed on school portals and those on the NELFUND platform, adding to the confusion for students who relied on these funds for their academic expenses. Moreover, the uncertainty surrounding loan disbursement further exacerbated the situation. Many students faced tight deadlines for tuition and fees, leading them to seek alternative funding sources in hopes of reimbursement once the loans were processed. This added financial strain highlighted the urgent need for a more reliable and efficient disbursement system. Despite these challenges, it is important to acknowledge the efforts of the NELFUND management. They have made strides in sensitizing students about the loan process across Nigeria's various geopolitical zones. This outreach is crucial in helping students navigate the complexities of the system, ensuring they understand their rights and responsibilities regarding loan applications. In conclusion, while the NELFUND initiative holds significant potential to support students financially, the initial excitement has been overshadowed by delays, administrative inefficiencies, and uncertainty. Addressing these issues will be essential for restoring trust and ensuring that the program fulfills its promise of providing timely financial assistance to students in need.

A clarion call for political office holders, philanthropist, political aspirants and well meaning Nigerians who crave for a better Nigeria; Investing in the educational sector is crucial to the significant impact it has on a nation's development and progress. Education is the key to unlocking the full potential of individuals and advancing a country's economy, society, and overall well-being. It is important to prioritize investing in the educational sector because, it helps in Human Capital Development, Poverty Alleviation, Social Stability and Cohesion, Innovation and Progress Global Competitiveness, Health and Well-being, Democratic Governance, Environmental Sustainability. Investing in the education sector does not only entails building schools, providing writing materials and school equipments because these students will have to pay to attend them. It entails providing scholarships for students, grants, organizing seminars in trending career paths for capacity building, sponsorship of empowerment programs and trainings. This will directly create an impact on them as well as empower them to shape and move the country in the right direction. In conclusion, investing in the educational sector or citizens capacity building is essential for political office holders, philanthropist, political aspirants and well meaning nigerians who seek to build a prosperous, inclusive, and sustainable society. Education is the cornerstone of development and progress, and a well-educated population is the foundation of a thriving nation. By prioritizing investments in education, political office holders can unlock the full potential of their citizens, drive economic growth, foster social cohesion, and secure a brighter future for all. We are PressPayNg You study, We Pay! For details or enquires on how to achieve the objectives of investing in human capacity building call 07083218353 or visit www.presspay.ng

In this straight to the point interview with Mr #Akintunde O Sawyerr on CNBC Africa, the leader in business and finance news from across Africa, the recently appointed #Executive Secretary of the Nigerian Education Loan Fund (#NELFUND) corrected widely bandied misinformation concerning the loan repayment terms. He reiterated that the loan repayment would only commence #two years after the loan was taken, subject to the individual having a #job. Contrary to what some had reported, no demand for repayment will be made to any individual who is not employed. He went further to explain that the delay in the Fund's takeoff date, which is a matter of just a few weeks, was because of the #President's insistence that the loan must be made available not just to university students but to students pursuing #Technical and Vocational Education and Training (#TVET) as well. This is a highly laudable initiative when one considers the country's alarmingly high #unemployment rate of about 33%, and which is higher still amongst the youth at almost 40%. With Nigeria having the world's 6th largest #population at around 223 million people and with #70% of them under 35 years old, quality #skills acquisition that will #empower the teeming youth and #enable them to put food on the table is certainly the best way to go. Many say where there is life there is hope, while others argue that it is only where there's #hope that #life has any #meaning. This loan scheme looks set to restore much needed hope to many Nigerians. EduTimes Africa...keeping education real https://lnkd.in/dQgPTK9Y #nigeria #studentloan #skills #empowerment #hope

#PNGNews The Secretary for Education, Dr. Uke Kombra has confirmed that the second payment of the Government Tuition Fee Free (TFF) funds have been paid into the schools' bank accounts as of Thursday, May 16. The funds for the schools from decentralized provinces were paid last week Thursday. To read more: https://lnkd.in/d_iACeJr #TuitionFreeEducation #DrUkeKombra #PapuaNewGuinea #PNG #LoopPNG #LoopNews

As an Economist, I'd like to add my two cents regarding the Nigerian president's proposal for a state-funded university loan scheme. While it's a good idea in principle, we must be cautious to avoid the infamous unintended consequences that often trails government interventions. The key is to make these loans strategic, focusing on supplying the skills needed at Nigeria's current development level. We should prioritize building capacity in agriculture, health, and technology. These are the areas that can actually develop Nigeria and provide employment opportunities. The risk in making university education widely accessible without proper planning is that we may create a situation where people will no longer be willing to do informal jobs, yet there won't be enough formal jobs for them. This could lead to an entitled populace that refuses menial work, demands salaries representative of their 'education', yet lacks the skills to create jobs for themselves. Currently, we have a large informal economy, partly due to the low penetration of higher education. Many people who are unable to go to university explore alternative education modes and enter into the provision of real goods and services like plumbing, tailoring, catering, agriculture etc. These courses do not need anyone to 'know their value' before they are remunerated. Their value is explicit, and they are able to immediately reward the holder of such skills. My professional advice is this: Since the government wants to take on a paternalistic role by paying for people's education, it should complete that role by also giving fatherly advice. This means not encouraging students to major in areas that the government isn't sure how to sustain or provide for in the long run. Student loans should be made out solely to individuals who want to pursue careers in the aforementioned areas. Science creates and maintains livelihoods. Art is enjoyed after basic needs are met. Therefore, a developing country like Nigeria should prioritize careers that address the lower levels of Maslow's hierarchy of needs. If a person wishes to study a non-science course, they are free to do so, but they should do it on their own dime. Remember, these fees would be paid using taxpayers' money, so we need to ensure we're funding a better country. In conclusion, while state-funded university loans are a step in the right direction, they must be implemented strategically to truly benefit Nigeria's development and avoid creating a workforce mismatched with our economic needs. #governmentspending #policymaking #developmenteconomics #Chevening #LSE