Abuja: The Managing Director, Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr, has taken its student loan sensitisation campaign to Ekiti State, engaging stakeholders and students on the benefits, application process, and impact of the zero-interest loan scheme aimed at expanding access to higher education with a charge to parents to encourage their children to take advantage of the opportunity to acquire education.
This is contained in a statement made available to reporters in Abuja on Friday by Omojola Seun-Ojerinde, on behalf of the fund.
Seun-Ojerinde quoted Sawyerr as saying that President Bola Tinubu was keen on taking the burden of funding tertiary education away from parents.
He described the students’ loan scheme as “an opportunity for Nigerian students to further their education to the tertiary level”.
The NELFund CEO, who spoke at the Palace of the Oore of Otun Ekiti and the Paramount Ruler of Moba land, Oba Adekunle Adeagbo, urged parents to encourage their children in public tertiary institutions to participate in the Federal Government’s student loan scheme.
“Nigerians are yearning for knowledge; they want to know, they want to learn. We are inquisitive people.
“We want to know so much, and the student loan policy has given people access and the opportunity to further their education to the tertiary level.
“The impact has been tremendous. In the last 24 hours, we have had 12,000 applications for the student loan. You can imagine the effect has been enormous.
“Since May 2024, we have had a little less than 700,000 beneficiaries and over a million applications. It is unprecedented.
“It shows you the pent-up demand there has been and the political acumen of President Bola Tinubu to be able to see that this is what the country needs.
” If this country gets itself educated and on its feet, nobody will be able to threaten Nigeria. We are the greatest country in the world,” Sawyer said.
The NELFund boss, who lauded Oba Adeagbo for his interest in the advancement of his people, said, “This visit came about because of the proactive action of the paramount ruler of Moba land.
According to him, the paramount ruler came to our office and asked us to ensure that none of the people in these 13 kingdoms under his rulership is left behind.
“As soon as I saw that gesture, it was incumbent upon me to ensure that I come here as fast as possible.
“These are the sorts of opportunities we are looking for, and we have been so well received.
“The paramount ruler is so proactive, he is so action-oriented, and already he has set up structures for us to be able to work very easily. We are delighted.
“This is what President Tinubu is looking for, this sort of traction across the country,” he said.
Sawyerr said Tinubu had taken the burden of a high percentage of household income being spent on children’s education away from parents, noting that they could use that money to start businesses and invest in other things.
Additionally, Dr Femi Akinfala, Executive Director of Finance and Administration at NELFund, assured parents that their children were automatically qualified for the student loan once they secured admission into public tertiary institutions. he
Akinfala said, “What the Tinubu administration has done with the student loan scheme is to make parents forget the financing of the education of their children in public tertiary institutions as the government would bear the burden through the loan.”
In his remarks, the Oore of Otun Ekiti, Oba Adeagbo, expressed joy over the visit, stressing that the kingdom would benefit from it in terms of unfettered access to education for their sons and daughters.
Adeagbo, who lauded Sawyerr for his focus, passion, and commitment to the project, prayed that God would continue to bless the government of President Bola Tinubu, given its laudable programmes, projects, and policies.
He said, “President Tinubu is working. This (student loan) is a testament to that fact. We should seize the opportunity.
“We are seeing an opportunity like this because President Tinubu, a man who values education, is in the seat.
“We are the ones to develop ourselves. The only way to achieve development is through education. Let us not take this for granted; let us mobilise our sons and daughters.
“The result of this student loan, which gives our children access to education, is not really today, but in the future – 10 years, 20 years, 30 years, 40 years from now, we will begin to see the impacts.
“We can remember what the late Premier, Chief Obafemi Awolowo, did, free education, today look at the impact in the South-West.’
A former Commissioner for Youths in the state, Gold Adedayo, who hailed from Moba, lauded President Tinubu for establishing NELFund, which he said was a testament to the president’s priority attention to the education of the youths.
Adedayo stated that since the commencement of loan disbursements to students by NELFund, there had been a decline in numerous requests for financial support from students to the state government through the Ministry of Youth.
The student loan scheme introduced by President Tinubu has not only liberated young and talented Nigerians from the shackles of illiteracy. Still, it has also begun bridging the existing gap between the rich and the poor.
“This is thereby exterminating class differences among Nigerian citizens,” Adedayo said.
Recall that NELFUND was established to implement the Nigerian Student Loan Scheme, signed into law by President Bola Tinubu in April 2024.
The Tinubu-led administration’s initiative provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
The scheme, which began accepting applications in May 2024, was designed to eliminate financial barriers to education and support students from low-income families.
Beneficiaries are expected to repay the loans after completing their studies and gaining employment.
According to NELFund, as of November 6, it has received 1,035,673 applications on its student loan portal since the official launch on May 24, 2024.
Since its inception, NELFund has disbursed over ₦ 116.4 billion in student loans, covering both institutional fees (₦ 65.3 billion) and upkeep allowances to students (₦ 51.1 billion) across 239 universities, polytechnics, and colleges of education nationwide.