The Nigerian Education Loan Fund (NELFUND) has successfully disbursed over N10 billion to students since launching its student loan scheme in August 2024, according to the Managing Director and CEO, Akintunde Sawyerr. Speaking during the inaugural meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing at the National Assembly Complex in Abuja, Sawyerr emphasized the fund’s commitment to equitable access to education across Nigeria.
Addressing concerns about potential discrimination within the scheme, Sawyerr assured the committee that NELFUND is actively reaching out to regions such as the South-East, which had previously expressed concerns of marginalization. He noted that the fund has received over 350,000 applications, with more than N10 billion already disbursed and a target of N90 billion set for future tuition fees and stipends.
“We are receiving applications at an average rate of over 1,000 per day,” Sawyerr reported. “We are making special provisions for students with disabilities and focusing on breaking barriers to girl-child education. Denying girls further education is denying the nation their incredible leadership potential.”
Sawyerr highlighted the urgency of providing educational access to Nigeria’s youth, with 70% of the population under 35. “Failing to provide education for this segment exposes Nigeria to potential instability and violence. This intervention by President Tinubu is timely.”
He further described the student loan scheme as a transformative policy akin to historical educational initiatives like Chief Obafemi Awolowo’s free education programme and Gen Yakubu Gowon’s establishment of the National Youth Service Corps. “This policy is inclusive, reaching all corners of the nation and ensuring that every Nigerian, regardless of location or background, has access to the education they deserve.”
Gboyega Isiaka, Chairman of the committee, lauded NELFUND as a vital agency not only for providing loans but also for creating a future where every Nigerian youth can realize their potential. He urged the fund’s management to be proactive in planning for the next three to five years, addressing any issues necessary to achieve their goals.
This initiative represents a significant investment in Nigeria’s future, aiming to provide long-term solutions to the challenges of accessing education and unlocking the potential of the nation’s youth.