The Chief Executive Officer (CEO), Sterling Bank, Abubakar Suleiman, has urged the Federal Government to extend the Student Loan scheme to private universities.

Suleiman said the decision would not only promote equal access to education funding, but also bridge the gap between public and private universities in the country.

Presently, the Act establishing the Nigerian Education Loan Fund (NELFUND) only makes provision for students in public tertiary institutions to benefit from the loan.

But, speaking in Abuja on Wednesday at the 50th birthday colloquium of the Founder of MIVA Open University, Sim Shagaya, the Sterling Bank boss said expanding the student loan scheme to private universities would bridge the gap in education funding.

He also said it will enable more students to access quality education, regardless of their financial background.

The keynote speaker, who is also a member of the Board of MIVA Open University, said: “What I hope will be the true birthday gift for Sim and for us at MIVA, is for the government to extend the Educational Loan Scheme to private universities.”

Suleiman underscored the importance of utilising technology to increase access to education in Nigeria, highlighting its potential to address the country’s educational challenges.

He noted that education must be both accessible and affordable to have a meaningful impact.

Suleiman emphasised that education is crucial for Nigeria’s development, particularly tertiary education that prepares students for the workforce.

The Sterling Bank CEO pointed out that Nigerian universities face significant challenges, including inadequate physical infrastructure and a shortage of academic staff, ultimately affecting the quality of education.

He described the celebrant as a visionary leader who has made significant contributions to education in Nigeria.

In his remarks, the Vice – Chancellor, MIVA Open University, Prof. Tayo Arulogun, lauded the celebrant, expressing gratitude for his vision and commitment to providing accessible and affordable education to Nigerians.

Prof. Arulogun highlighted the founder’s tireless efforts in establishing and growing the university which has enabled the institution to become a leading provider of online education in Nigeria.