PeakNews Online
Abuja, Nigeria – President Bola Tinubu has officially launched the Nigerian Education Loan Fund (NELFUND) application portal, aimed at improving access to higher education. The launch event, held on Wednesday, also included the ceremonial disbursement of funds.
Speaking at the event, President Tinubu emphasized the vital role of education in combating poverty, insecurity, and fostering national development. He stated, “Education is the greatest weapon against poverty in any society. Without education, there is no vision, there is no development, and you cannot successfully conquer insecurity.”
President Tinubu reiterated his administration’s commitment to investing in education to empower citizens and deploy it as a tool against terrorism, banditry, and insecurity. “We are investing because we don’t want to try ignorance as an alternative. We want education from foundation to the topmost level,” he added.
The launch of NELFUND fulfills one of President Tinubu’s campaign promises. He noted, “Today, I am fulfilling one of my greatest campaign agendas. You cannot find your way if you are not well-educated; you cannot even fight terrorism and banditry.”
Akintunde Sawyerr, the Managing Director and CEO of NELFUND, reported that 160,000 students have registered for the scheme, with 110,000 already applying for the interest-free loans. He highlighted the program’s goal to remove financial barriers to educational opportunities and academic pursuits, ensuring fair and transparent funding for Nigerian youths.
“The aim of NELFUND is to empower Nigerian youths by providing fair, transparent funding and removing financial barriers to educational opportunities and academic pursuits,” Sawyerr said. He noted that the program would have a significant impact on the lives of many Nigerians and praised President Tinubu for his vision and courage in launching this transformative initiative.
The loans cover tuition and allowances for upkeep, with disbursements made directly to educational institutions and stipends paid to students. Sawyerr mentioned a high demand for loans from universities, followed by polytechnics and teacher training colleges. He also noted proactive support from northern institutions, resulting in a surge of applications from that region.
The NELFUND program is designed to provide interest-free loans to students, with repayment starting two years after completing the National Youth Service Corps (NYSC) program. “Repayment is flexible, with 10% of earnings deducted until the loan is fully paid. Extensions and loan forgiveness are available under certain conditions, such as unemployment or permanent disability,” NELFUND stated in a bulletin.
The National Association of Nigerian Students (NANS) has described the launch as a “new dawn” for the country’s education sector. NANS President Lucky Emonefe expressed the students’ excitement, noting that the transparent loan application process ensures access for students from all backgrounds.
“We are excited that the dream has come true. It was once a dream, it became an Act, and today is the Presidential launch and disbursement. We are very proud of this. It is a new dawn in the education sector,” Emonefe said.
He added that the initiative would help fight poverty and provide Nigerian students with access to higher education, ultimately contributing to the development of the nation.
Key government officials, including Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, NELFUND Board Chairman Jim Ovia, and several ministers and heads of agencies, attended the launch event.
