From Juliana Taiwo-Obalonye, Abuja
In a move to improve access to higher education, President Bola Tinubu on Wednesday launched the Nigerian Education Loan Fund (NELFUND) application portal.
Speaking at the launch and ceremonial disbursement of funds, he highlighted the critical role of education in fighting poverty, insecurity, and fostering national development.
“What I believe is that education is the greatest weapon against poverty in any society, without education there is no vision, there is no development, you cannot successfully conquer insecurity,” Tinubu said.
“Education is that light at the end of the tunnel no matter how sluggish you move it will give you the light and the hope.”
President Tinubu further noted that Nigeria will continue to invest in education to empower the citizens and deploy it as a tool against terrorism, banditry and insecurity.
“And we are investing, we don’t want to try ignorance as an alternative, we want an education from foundation to the topmost level and I am glad that NELFUND leadership and the board accepted the responsibility.”
The President said the launch was in fulfilment of one of his campaign promises.
“Today I am fulfilling one of my greatest campaign agendas, you cannot find your way if you are not well educated, you cannot even fight terrorism and banditry.
“If we have a successful inclusive loan that is necessary for our people to get educated and invest in their own lives, we would have built a fair society and a promise that we will leave a banner without stain to our children.”
The Managing Director and CEO of the Fund, Akintunde Sawyerr, reported that 160,000 students have registered for the scheme, and 110,000 have already applied for interest-free loans. Sawyerr noted a growing awareness of the scheme despite initial scepticism.
“The aim of NELFUND is to empower Nigerian youths by providing fair, transparent funding and removing financial barriers to educational opportunities and academic pursuits,” he said.
Sawyer, addressing newsmen said the NALFUND programme is an important initiative that will have a significant impact on the lives of many Nigerians, both now and in the future.
He said by providing opportunities to the most capable and needy citizens, this programme has the potential to uplift communities and shape the future of the country.
He said President Tinubu deserves recognition for his vision and courage in launching what he called a transformative programme. Saying, “It is an ambitious and bold move that will undoubtedly bring prosperity not just to the president, but to the entire nation.”
He explained that the fund allows students to apply for loans to cover tuition, as well as allowances for upkeep, adding that the loans are disbursed directly to the institutions, while the student stipends are paid directly to the students.
The NELFUND CEO also disclosed that the fund has witnessed a surge in applications from students in the northern region of the country. Sawyerr attributed this to the proactive support and well-organized networking among institutions in the north.
In contrast, Sawyerr noted that there has been more scepticism and growing awareness in the southern part of the country, with some questioning the legitimacy of the programme. However, he assures that the disbursement of funds, which has already begun, will help alleviate these concerns.
He also revealed that universities have the highest demand for loans, followed by polytechnics and then teacher training colleges. He said he expects this trend to continue, with a bias towards universities.
The NELFUND CEO said: “The zones with the highest and the segments of the institutions with the highest, I can say to you that institutions in the north of the country have been very proactive at supporting and helping their students and in providing their data to us. So that’s where the leaning is currently, but that to be is expected because they seem to be very well organized in terms of networking in the northern part of the country.
“In the southern part of the country, there’s growing awareness and there’s growing interest. I think there’s been a lot of scepticism, generally and I think the most skeptical parts of the country is in the south, the question of everything; is it true? Is it real? Is it a scam? and I think what you witnessed today with us actually starting this disbursement programme is to say that ‘this is not NO FUND, This is NELFUND’.
“We’re trying to ensure that people know that this is not a trick, it’s not a game. Mr. President has backed this with cash and we’re going to disburse that cash. So I think we’ll see the scepticism that you can find mainly in the southern part begin to disappear when we start paying out.
“In terms of the three levels of institutions, the universities are the ones with the highest demand for the loans, then I think it’s followed by the polytechnics and then the teacher training colleges. and I think it’s probably going to remain that way, the bias is going to remain that way”, Sawyerr said.
The NELFUND Programme aims to provide interest-free loans to students, with the goal of making higher education accessible to all Nigerians regardless of their economic background. The fund is backed by President Bola Tinubu and is expected to have a significant impact on the country’s education sector
The repayment process begins two years after completion of the National Youth Service Corps (NYSC) programme. “Repayment is flexible. 10% of your earnings will be deducted until the loan is fully paid. Extensions and loan forgiveness are available under certain conditions, such as unemployment or permanent disability”, NELFUND said in its Bulletin shared at the event.
Meanwhile, the launch of the Fund by Tinubu has been described by the National Association of Nigerian Students (NANS) as a “new dawn” for the country’s education sector.
Addressing State House Correspondents after the launch, NANS President Lucky Emonefe expressed the students’ excitement over the realisation of what was once a dream.
“Today we are excited, Nigerian students are happy that the dream has come true. It was once a dream, it becomes an Act and today is the Presidential launch and disbursement. We are very proud of this. We as Nigerian students will call it a new dawn in the education sector.” Emonefe said.
He praised the transparency of the loan application process, noting that students from all backgrounds can now access the funds regardless of their status, age or class.
“During the presidential disbursement today, you can see people applying, whatever background you belong to, you can assess the loan. It was so transparent, once you apply you will get it, irrespective of your status, your age and your class,” he said.
Emonefe added, “Like what Mr President said and we equally agreed with that, it is a tool to fighting poverty. And we can now say that, yes, Nigerian students now have assets to higher education. We are proud of this. And this is a good legacy and a good investment in the development of our dear nation.
“We’re happy for this, we excited and we embrace it. We are all excited, it is a new dawn in the education sector and we are very happy.
Present at the launch were key government officials, including the President of the Senate, Godswill Akpabio, the Speaker of the House of Representatives, Tajudeen Abbas, Chairman of NELFUND Board, Jim Ovia, Minister of Finance, Wale Edun, Minister of Budget and Economic Planning, Abubakar Bagudu, Minister of of Education, Mamman Tahiru, Minister of Youths, Jamila Bio Ibrahim, FIRS Chairman, Zach Adedeji, Governor of Central Bank (CBN), Olayemi Cardoso.
Others were, JAMB Registrar, Prof Isiaq Oloyede, Acting Executive Secretary of National Universities Commission NUC, Chris Mayaiki amongst many others.