The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, announced the disbursement of over N10 billion and the receipt of more than 350,000 applications.
He made this statement during a meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing on Wednesday in Abuja.
Sawyerr emphasized the fund’s commitment to disbursing a total of 90 billion naira aimed at covering tuition fees and stipends for students in need. “Our mission is to ensure that every Nigerian, regardless of their location or background, has access to the education they deserve,” he stated.
Sawyerr highlighted the fund’s focus on inclusivity, noting that applications are coming in at an average of over 1,000 per day. He pointed out that special provisions are being made for students with disabilities, stating, “We are also focused on addressing barriers to girl-child education.”
He stressed that denying girls the opportunity for further education restricts the nation’s potential for growth and leadership.
With 70% of Nigeria’s population under the age of 35, Sawyerr warned, “Failing to provide education for this segment exposes Nigeria to a future fraught with instability and violence.” He emphasized that President Tinubu’s intervention comes at a critical juncture for the country.
Outreach measures
Sawyerr also mentioned NELFUND’s proactive outreach efforts, particularly in regions that feel neglected, such as the South East. After multiple rounds of community sensitization, the fund has seen a significant increase in applications, demonstrating the effectiveness of its initiatives.
He reiterated NELFUND’s commitment to collaborating closely with the committee to achieve its objectives, stating, “This collaboration is crucial in shaping a student loan system that truly serves the interests of all Nigerians.”
“As we continue to work together, let us remember that our collective goal is the betterment of Nigeria and its youth. By ensuring education remains accessible and equitable, we are securing the future of millions of young Nigerians and building a stronger, more prosperous nation,” Sawyerr concluded.
The Chairman of the Committee, Rep. Gboyega Isiaka (APC-Oyo), recognized NELFUND as a vital agency in creating opportunities for Nigerian youth. He expressed concerns regarding the management’s capacity to handle the fund effectively, considering its vast potential.
“As we proceed with proper oversight of this institution, we will focus on several key issues,” Isiaka stated. “We need to ask ourselves: Where will NELFUND be in the next three to five years? How will it achieve its goals, and what challenges need to be addressed to get there?”
What you should know
The revised Student Loan Act 2024 was established to remove financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.
- This inclusive strategy is particularly vital in the current economic climate, where many families struggle to afford educational expenses.
- The primary sources of funding for NELFUND include a percentage of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service, amounting to 1% of their total revenues.
- Furthermore, the fund will receive contributions from the profits generated by the government’s natural resource exploitation, education bonds, endowment fund schemes, and donations from individuals and organizations.
The loans cover tuition, fees, and maintenance costs. The repayment process starts two years after the beneficiary completes the NYSC program.
