The Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, on Wednesday said the Fund has received over 350,000 applications and disbursed over N10 billion so far, with a commitment to disburse N90 billion in tuition fees and stipends.
He also said the scheme was inclusive and not discriminatory in its disbursements.
He said this during a maiden meeting with the House of Representatives Committee on Student Loans, Scholarships and Higher Education Financing at the National Assembly Complex in Abuja.
Sawyerr said the scheme was inclusive, ensuring that every Nigerian, regardless of location or background, has access to the education they deserve.
He said the Fund had also been proactive in reaching out to segments of the nation that feel left behind, particularly the South East.
The NELFUND MD said significant progress had been made in engaging these communities, with multiple rounds of sensitisation in the region, resulting in a surge in applications.
He said so far, the Fund had received over 350,000 applications and disbursed over N10bn.
Applications are coming in at an average of over 1,000 per day, and we are making special provisions for students living with disabilities. Moreover, we are focused on addressing the barriers to girl-child education, recognising that denying girls the opportunity for further education is denying the nation a 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 segment exposes Nigeria to a future fraught with instability and violence. This intervention by President Tinubu could not have come at a better time.”
He said the Fund is an institution designed to bring succour to the common man, especially in these challenging economic times, in line with the Renewed Hope Agenda of President Bola Tinubu.
He said it was not just a palliative for immediate relief but a long-term solution aimed at fostering stability and growth in a large and diverse nation like Nigeria.
Chairman of the Committee, Gboyega Isiaka, said NELFUND was a very critical agency created not only to provide loans, but creating a future where every Nigerian youth would have the opportunity to realise their potential and contribute to the nation’s growth.
He said the committee was concerned about the ability of the management to manage the enterprise, which has so much potential.
He said, “Therefore, as we progress into proper oversighting of this institution, we are going to be concerned with so many things. We want, for example, to be able to tell ourselves where will NELFUND be within the next three to five years? How is it going to get there? And what are the issues that we need to address in order for them to get there?”
He said the committee was committed to ensuring accountability and transparency in the management of the students’ loan scheme.
