The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of over N10 billion in student loans as part of its mission to provide accessible education across the country. This was disclosed by the fund’s Managing Director, Mr. Akintunde Sawyerr, during a meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing on Wednesday in Abuja.
Sawyerr revealed that over 350,000 applications have already been received, reflecting the high demand for financial assistance. He stressed that the fund is committed to disbursing a total of 90 billion naira to support tuition fees and stipends for students in need, ensuring that all Nigerians, regardless of background, have access to quality education.
Inclusive Education Initiatives
Sawyerr emphasized NELFUND’s focus on inclusivity, with provisions made for students with disabilities and initiatives aimed at reducing barriers to girl-child education. He highlighted the critical importance of girls’ education, noting, “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 of the dangers of neglecting this demographic, stating, “Failing to provide education for this segment exposes Nigeria to a future fraught with instability and violence.” He commended President Bola Tinubu’s intervention, noting that it comes at a crucial time for the country.
Outreach and Regional Inclusivity
NELFUND has also undertaken proactive outreach efforts, particularly in regions like the South East, where students feel neglected. After several rounds of community sensitization, there has been a significant rise in loan applications, demonstrating the effectiveness of these initiatives. The fund is committed to continuous collaboration with the House Committee to ensure the successful implementation of its objectives.
“This collaboration is crucial in shaping a student loan system that truly serves the interests of all Nigerians,” Sawyerr said.
The Role of NELFUND in Nigeria’s Future
The Chairman of the Committee, Rep. Gboyega Isiaka (APC-Oyo), recognized the critical role of NELFUND in creating educational opportunities for Nigerian youth. However, he also raised concerns about the fund’s capacity to manage its resources effectively.
“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?” Isiaka posed.
What You Should Know
The Student Loan Act 2024 was revised to make education more accessible, particularly in the current economic climate where many families struggle with educational costs. Also, NELFUND is primarily financed by a percentage of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service, contributing 1% of their total revenues.
Additionally, the fund will receive contributions from the profits of natural resource exploitation, education bonds, endowment funds, and donations. Student loans cover tuition and maintenance costs, with repayment starting two years after the beneficiary completes the National Youth Service Corps (NYSC) program.
By ensuring that education remains accessible and equitable, NELFUND is laying the foundation for a brighter and more prosperous future for Nigeria’s youth.
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