Student loans: NELFUND disburses over N10bn – MD

The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund, Akintunde Sawyerr, on Wednesday, said the fund has disbursed over N10bn to successful applicants since the commencement of the scheme in August 2024.

He dismissed the fears in some quarters that the student loan scheme may be discriminatory against some applicants.

He stated this during the maiden meeting of NELFUND with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing at the National Assembly Complex, Abuja.

Sawyerr assured the committee that the fund has reached out to the parts of the country, particularly the South-East, which had earlier complained of marginalisation.

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 palliative with a long-term solution to the challenges facing access to 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.”

The Chairman of the Committee, Gboyega Isiaka (APC, Ogun), described NELFUND as a critical agency created not only to provide loans but also to create a future where every Nigerian youth has the opportunity to realise his or her potential.

He urged the management of the Fund to be proactive, saying, “We want, for example, to be able to tell ourselves where NELFUND will be within the next three to five years. How is it going to get there? And what are the issues that we need to address for them to get there?”