By Seyi Babalola
Managing Director and CEO of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, says over 326,000 students have applied for the government-backed student loan scheme. This, he also said, is seen as a significant step toward reducing the financial burden on students and to also ease the economic challenges in the country.
Sawyerr made this known during a media conference with journalists in Lagos on Monday.
The MD offered an update on the fund’s activities, noting that the plan, which was created to provide financial aid to students at government-owned universities, polytechnics, and colleges of education, intends to reduce the rising cost of education.
“NELFUND implemented an online registration platform to simplify the application process. This digital approach was carefully chosen to remove any potential barriers or intermediaries that would prevent deserving students from receiving the loan.”
Sawyerr emphasized that the goal was to create a fair and open system in which applicants would not require special connections to profit from the fund.
“We wanted to make the application process as simple and accessible as possible. By moving online, we’ve minimised the chances of anyone placing unnecessary obstacles in the way of the students,” he stated.
Sawyerr disclosed that the Federal Inland Revenue Service (FIRS) are currently the main funders of the scheme. He, however, noted that the Scheme has also received some support from the Tertiary Education Trust Fund (TETFUND).
“Primarily, the FIRS is the main funder of NELFUND, and I can tell you we have a great understanding with the FIRS, and it is very clear that they are very supportive. We have had great support from FIRS that has disbursed a certain amount of funds to us,” he said.
On the spread of beneficiaries according to location, the NELFUND MD revealed that the highest beneficiaries from the loan scheme are from the Northern part of the country.
He noted that the two loan programs that NELFUND provides to students are “Institutional Tuition and Stipends Loans,” which pay for living expenses and tuition, and “Vocational Loans,” which are intended for students enrolled in technical and vocational programs.
The main goal of NELFUND is to close the financial gap for students so that gifted people can obtain high-quality education even if they lack the necessary fund.
