NELFUND Mulls Extension of Loans to Private Varsities

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, has said that the agency is considering extending its student loan scheme to private institutions within the next three years.

Sawyerr made this known during a strategic engagement and sensitisation campaign with heads of institutions and other stakeholders in Enugu on Thursday.

The sensitisation campaign included the use of local dialects to enhance comprehension and encourage people in the region to engage with the programme.

While emphasising the need to first address the pressing demands of students in public universities and colleges, Sawyerr noted that the long-term goal is to ensure all Nigerian students, regardless of institution type, have access to financial support for their education.

“We have only been operating for one year. We really need to address the public sector first. These loans help students who would otherwise drop out for very small amounts of money.

“The students we see in the public sector often don’t even have the option to attend private institutions, and some of them are dropping out. So, we want to address that and make sure they’re covered. 

“Then, after a while—two or three years at most—when we see the effect this has had on the general youth population in Nigeria, we can conduct a review to assess the feasibility of extending the scheme to the private sector.”

He said the only challenges the fund faces are the usual ones, which include misunderstanding, misinformation, and people feeling uncertain or believing the programme is not meant for them or that something is preventing them from benefiting.

“They just have the same problems everyone else has with technology, and then they say, ‘this has been rigged against us.’ But we’re here—we’re not here to waste our time.

“We’re here to help people apply and to get institutions to participate as well.”

Also speaking, the Special Adviser to the Enugu State Governor on Education Innovation, Dr. Chinyere Onyeisi, said there is a need for the loans because education is a vast area that requires significant attention.

“So, what the government is doing plays an essential role in various areas of education. But this NELFund initiative specifically supports students.

“It is important for our students in the Southeast, and Enugu in particular, to maximise the opportunity to apply.

“The major takeaway for the teachers and heads of institutions here today is that when they return to their respective schools, they are expected to continue cascading the sensitisation programme to ensure that students understand the procedures, know how to apply, and apply effectively to benefit from this initiative—because it is real.

“And we’re hearing testimonies that students in other states are already benefiting.”