Fresh details emerge as Nigerian student loan scheme disburses N10bn

• The Nigerian Education Loan Fund (NELFUND) has distributed over N10bn to successful applicants since its launch in August 2024
• Speaking at a meeting with the House of Representatives Committee on Student Loans, Sawyerr addressed concerns of bias
• He described the initiative as a transformative policy, likening it to historic education reforms, aimed at securing Nigeria’s future

The Managing Director and Chief Executive of the Nigerian Education Loan Fund, Akintunde Sawyerr, announced on Wednesday that the fund has distributed over N10bn to successful applicants since the scheme's launch in August 2024.

He also alleviated concerns that the student loan scheme might be biased against certain applicants, dismissing it.

NELFUND distributes N10bn in student loans. Photo credit: X/NELFUND
Source: Twitter

He made this statement during the first meeting between NELFUND and the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing at the National Assembly Complex in Abuja.

Sawyerr told the committee that the fund has reached out to all parts of the country, particularly the South-East, which had previously complained of marginalization.

He said:

“So far, the Fund has received over 350,000 applications and disbursed over N10bn with a commitment to disbursing N90bn in tuition fees and stipends.“Applications are coming in at an average of over 1,000 per day, and we are making special provisions for students living with disabilities. Moreover, we are focused on addressing the barriers to girl-child education, recognising that denying girls the opportunity for further education is denying the nation a chance to benefit from their incredible leadership potential.“With 70 per cent of our population under the age of 35, failing to provide access to education for this segment exposes Nigeria to a future fraught with instability and violence. This intervention by President Tinubu could not have come at a better time.”

He described the scheme as a unique solution with long-term benefits to address the challenges of accessing education in Nigeria.

He added:

"This administration of President Bola Tinubu has introduced many brilliant policies, and the student loan initiative hits closest to home. It is reaching every corner of the nation-East, West, North, and South.“This policy is not discriminatory; it is inclusive, ensuring that every Nigerian, regardless of location or background, has access to the education they deserve.“It is akin to monumental policies such as the free education programme of Chief Obafemi Awolowo, the establishment of the National Youth Service Corps by Gen Yakubu Gowon, and the creation of federal universities.“These policies have shaped Nigeria’s development, and the student loan initiative is equally progressive, representing an investment in our nation’s future.”

NELFund applications reach 400,000

Meanwhile, Legit.ng earlier reported that The Nigerian Education Loan Fund (NELFund), has said that there is no timeframe for the disbursement of the money to students of the nation's universities. Nasir Ayitogo, the spokesperson of NELFund, said this while responding to the concerns of expectant beneficiaries who fear they may miss the payment deadline for their school fees.

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Source: Legit.ng