NELFUND: Tinubu introduces education loan fund for students

Nigerian President, Bola Ahmed Tinubu, on Wednesday, July 17, 2024, propelled the Nigerian Education Loan Funds (NELFUND).

Speaking on the initiative, Tinubu emphasized on the necessity of education in eradicating poverty.

Tinubu remarked on the importance of education as a pivotal key to overcoming insecurity and achieving success.

It ensures that even the darkest tunnels have a guiding light, illuminating the path forward.

He addressed members of the Board and management of the Fund on his renewed hope agenda.

The agenda

Tinubu highlighted that the essence of democratic governance lies in ensuring every voice is heard and citizens represented.

He stated further: “What I believe is that education is the greatest weapon against poverty in any society.

“Without education, there is no vision, there is development, you cannot successfully conquer insecurity.

“Education is that light at the end of the tunnel. No matter how sluggish you move, it will give you the light and the hope”.

“We are investing, we don’t want to try ignorance as an alternative; we want education from foundations.

“To the topmost level and I am glad that leadership and its leadership accepted the responsibility.

“There is hope and genuine commitment, inclusiveness is what democracy is all about.

“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.

“If we have successful inclusiveness and loans that is necessary for our people to get educated and invest in their own lives.

“We would have built a fair society and a promise that we will earn a banner without stain to our children”, says Tinubu.

Loan cheques were presented to students across the six geo-political zones to indicate the disbursement of funds.

Vice Chancellors of Bayero University, Kano, and Federal University of Technology, Owerri, were awarded cheques.

164,000 students register for NELFUND

Mr. Akintunde Sawyerr, the Executive Secretary of the NELFUND revealed in his speech the portal’s key metrics from May 25, 2024, to date.

Mr. Sawyerr stated that a total of 164,000 students registered for the loan, while 103,000 of them applied.

He added that the sum of N32 billion is at his disposal for immediate disbursement to kick-start the program.

NELFUND aims to empower Nigerian youth by providing funding to eradicate financial stress in academic pursuits.

He noted that student loans are in two categories: educational fees and student upkeep loans.

The loan application had more applicants from northern institutions after the launch, said the NELFUND Secretary.

He mentioned that the Southern regions are increasingly developing interest in the program despite their original disbelief.

The NELFUND Executive Secretary remarked that the program is real and has the backing of the President.

He reiterates the aim is to ease doubts and encourage the southern institutions to be more involved.

Sawyerr said: “The zones with the highest and the segments of the institutions with the highest.

“I can say to you that institutions in the north of the country have been very proactive at supporting and helping their students.

“And in providing their data to us. So that’s where the learning is currently.

“But that’s to be expected because they seem to be very well organized in terms of networking in the northern part of the country.

“In the southern part of the country, there’s growing awareness and there’s growing interest.”

Is the scheme a scam?

Sawyerr continued on the impact of the NELFUND education loan fund.

He said: “I think there’s been a lot of skepticism, generally and I think the most skeptical part of the country is in the south.

“They question everything; is it true? Is it real? Is it a scam?

“I think what you witnessed today with us starting this disbursement program is to say that ‘this is NO FUND; this is NELFUND’.

“We’re trying to ensure that people know that this is not a trick, it’s not a game.

“Mr. President has backed this with cash and we’re going to disburse that cash.

“So I think we’ll see the skepticism that you can find mainly in the southern part begin to disappear when we start paying out”.

 “In terms of the three levels of institutions, the universities are the ones with the highest demand for the loans.

“Then I think it’s followed by the polytechnics and then the teacher training colleges.

“And I think it’s probably going to remain that way; the bias is going to remain that way”.

Mr. Sawyer explained the reasons why private institutions won’t partake in the initiative.

He said private institutions charge more expensive school fees; hence, the government will default to the expectation of the initiative.

Sawyer praises NELFUND scheme

Sawyer confirmed the loan scheme will improve many Nigerian lives positively.

He said: “It’s a great privilege, great honor to be able to be part of a program.

“That will change so many lives over such a long period into the future.

“The effect of providing this opportunity for the neediest Nigerians, most capable Nigerians in many ways.

“The people who probably will look after us, or whose decisions will impact us in our old age cannot be underestimated.

“These are the most important people in the country that we’re trying to affect.

“So, I want to give all the praise and all the recognition to President Bola Tinubu.

“For having the vision and the courage to do what he has just done.

“I’m sure you’ve all heard that fortune favors the brave and this courageous move will bring fortune not just to him, but to the entire nation”, he said.

NANS President speaks on the scheme

Lucky Emonefe, the president of the National Association of Nigerian Students (NANS), commended NELFUND scheme on behalf of Nigerian students.

The NANS president said: “Today we are excited, Nigerian students are happy that the dream has come true.

“It was once a dream, it has become an act and today is the presidential launch and disbursement”.

 “We are very proud of this (NELFUND). We as Nigerian students will call it a new dawn in the education sector.

“During the presidential disbursement today, you can see people applying, whatever background you belong to, you can assess the loan.

“It was so transparent, once you apply you will get it, irrespective of your status, age, and class.

“Like what Mr. President said and we equally agreed, it is a tool to fight poverty.

“And we can say that Nigerian students now have access to higher education.

“We are proud of this. And this is a good legacy and a good investment in the development of our dear nation.

 “We’re happy and excited for this, and we embrace it.

We are all excited, it is a new dawn in the education sector and we are very happy”.

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