The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr, announced on Wednesday that the fund has disbursed over N10 billion to successful applicants since the scheme began in August 2024.
He also dismissed concerns from some quarters that the student loan scheme might discriminate against certain applicants.
Sawyerr made these remarks during NELFUND’s inaugural meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing at the National Assembly Complex in Abuja.
He assured the committee that the fund had extended its services to all regions of the country, including the South-East, which had previously raised concerns of marginalisation.
He said, “So far, the fund has received over 350,000 applications and disbursed more than N10 billion, with a commitment to providing N90 billion in tuition fees and stipends.”
“Applications are arriving at a rate of over 1,000 per day, and we have made special provisions for students with disabilities.”
“Furthermore, we are committed to addressing the barriers to girl-child education, acknowledging that denying girls the opportunity to pursue further education deprives the nation of their immense leadership potential.”
“With 70 per cent of our population under the age of 35, failing to provide access to education for this demographic risks exposing Nigeria to a future of instability and violence. This intervention by President Bola Tinubu has come at the perfect time.”
He went on to describe the scheme as a long-term solution to the challenges of accessing education in Nigeria, labelling it as a distinctive and far-reaching initiative.
“This administration, under President Bola Tinubu, has implemented several remarkable policies, and the student loan programme is one that touches the heart. It reaches every corner of the nation—East, West, North, and South.”
“This policy is not discriminatory; it is inclusive, ensuring that every Nigerian, no matter their location or background, has access to the education they rightfully deserve.”
“It is comparable to significant initiatives such as Chief Obafemi Awolowo’s free education programme, the National Youth Service Corps established 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 the nation’s future,” he added.
The Chairman of the Committee, Gboyega Isiaka (APC, Ogun), highlighted NELFUND as a major agency not only in providing loans but also in creating a future where every young Nigerian has the opportunity to realise their potential.
He urged the management of the fund to be proactive, stating, “We want, for instance, to know where NELFUND will be in the next three to five years. How do we get there? And what challenges must we address to reach that goal?”