The Managing Director and CEO of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, announced on Wednesday that the fund has disbursed over N10 billion to successful applicants since the program’s launch in August 2024.
This statement came 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.
Sawyerr addressed concerns regarding the potential discriminatory nature of the student loan scheme, asserting that the initiative is designed to be inclusive. He emphasized that the fund has made concerted efforts to reach all regions of Nigeria, particularly the South-East, which had previously raised concerns about marginalization.
“So far, we have received over 350,000 applications, disbursing over N10 billion with a commitment to allocate N90 billion in tuition fees and stipends,” he stated. “Applications are coming in at an average of over 1,000 per day, and we are making special provisions for students with disabilities.”
He further highlighted the fund’s focus on promoting girl-child education, stating, “Denying girls the opportunity for further education is denying the nation the chance to benefit from their incredible leadership potential. With 70% of our population under the age of 35, failing to provide access to education for this demographic exposes Nigeria to a future fraught with instability.”
Sawyerr described the loan scheme as a critical intervention by President Bola Tinubu, akin to historical policies like Chief Obafemi Awolowo’s free education program and the establishment of the National Youth Service Corps by General Yakubu Gowon. He expressed confidence that the student loan initiative represents a significant investment in Nigeria’s future.
The Committee Chairman, Gboyega Isiaka (APC, Ogun), acknowledged NELFUND as a vital agency for empowering Nigerian youth. He urged the management to adopt a proactive approach, asking, “We want to know where NELFUND will be within the next three to five years and what issues need to be addressed to achieve that vision.”
