The Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, on Wednesday confirmed the receipt of over 350,000 applications and the disbursement of over N10 billion.
Mr. Sawyerr disclosed this in Abuja during a maiden meeting with the House of Representatives’ Committee on Student Loans, Scholarships, and Higher Education Financing, chaired by Hon. Gboyega Isiaka. He noted that the agency is also committed to disbursing N90 billion in tuition fees and stipends.
While emphasizing that the scheme is not discriminatory, Sawyerr argued that it is inclusive, ensuring that every Nigerian, regardless of location or background, has access to the education they deserve.
He added that NELFUND has been proactive in reaching out to segments of the nation that feel left behind, particularly the South East. The agency has made significant progress in engaging these communities, with multiple rounds of sensitization in the region, resulting in a surge of applications.
Sawyerr highlighted that the Fund has received over 350,000 applications and disbursed more than N10 billion, with a commitment to distribute N90 billion in tuition fees and stipends.
He said: “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, recognizing 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.”
Sawyerr stressed that the Fund is designed to provide relief to the common man, especially in these challenging economic times, aligning with President Bola Tinubu’s Renewed Hope Agenda. He described it as not just a short-term palliative, but a long-term solution aimed at fostering stability and growth in Nigeria.
“This administration, under President Bola Ahmed Tinubu, has introduced many brilliant policies, and the student loan initiative is one that resonates deeply. It is reaching every corner of the nation—East, West, North, and South.
“This policy is not discriminatory; it is inclusive, ensuring that every Nigerian, regardless of location or background, has access to the education they deserve.
“It is akin to monumental policies such as Chief Obafemi Awolowo’s free education program, Gen. Yakubu Gowon’s establishment of the National Youth Service Corps (NYSC), and the creation of federal universities.
“These policies have shaped Nigeria’s development, and the student loan initiative is equally progressive, representing an investment in our nation’s future.
“We have also been proactive in reaching out to segments of the nation that feel left behind, particularly the South East. I am pleased to report that my team and I have made significant progress in engaging these communities, with multiple rounds of sensitization in the region, resulting in a surge of applications,” he said.
He further emphasized the Fund’s commitment to working closely and harmoniously with the committee.
Sawyerr noted that only through cooperation and peaceful collaboration can they achieve the best possible outcomes for Nigeria and its students.
“In this regard, NELFUND will also work closely with the National Assembly in the area of sensitization, recognizing that you are closest to the people and best positioned to reach your constituents.
“A comprehensive work plan will be developed to guide our efforts, ensuring that we engage effectively at all levels to ensure that no student is left behind.
“One of the steps we have taken to strengthen our partnership is the upcoming retreat for the joint committee in the first week of November. This retreat will provide us with the opportunity to interface with and sensitize lawmakers on our activities and objectives.
“It will also allow us to gain a deeper understanding of the workings of the National Assembly and the unique needs of various constituencies across the country. This collaboration is crucial in shaping a student loan system that truly serves the interests of all Nigerians.
“As we continue to work together, let us remember that our collective goal is the good of Nigeria and its youth. By ensuring that education remains accessible and equitable, we are not only securing the future of millions of young Nigerians, but we are also building a stronger, more prosperous nation,” he said.
In his remarks, Chairman of the House Committee on Student Loans, Scholarships, and Higher Education Financing, Hon. Gboyega Isiaka, highlighted the critical role of NELFUND. He noted that the agency was created not only to provide loans but to help create a future where every Nigerian youth has the opportunity to realize their potential and contribute to the nation’s growth.
He expressed concerns about the management’s ability to handle the enterprise, given its immense potential.
“As we proceed with our oversight of this institution, we will address many important questions. For instance, where will NELFUND be in the next three to five years? How will it get there? What challenges must we overcome to achieve its goals?” he said.
Isiaka emphasized the committee’s commitment to ensuring the accountability and transparency of the Fund.
“We, as a committee, are dedicated to working, in conjunction with the directives given to us by the Speaker and the leadership of the House, with the executive and the management and board of this institution to ensure that its objectives are achieved.
“We also expect to operate fully within the confines of the law, ensuring that the aspirations and expectations of the Nigerian people, particularly the youth, are met,” he said.
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