The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, announced on Wednesday that the fund has disbursed over N10 billion to successful applicants since its launch in August 2024. Speaking at the maiden meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing in Abuja, Sawyerr emphasized that the student loan scheme is inclusive and non-discriminatory.
Sawyerr addressed concerns of marginalization, particularly from the South-East, assuring that the fund is reaching all parts of Nigeria. He revealed that NELFUND has received over 350,000 applications and has committed to disbursing N90 billion for tuition fees and stipends. The fund is also making special provisions for students with disabilities and focused on promoting girl-child education.
The CEO praised the initiative as a crucial intervention by President Bola Tinubu, noting its importance in addressing the educational challenges faced by Nigerian youth, especially with 70% of the population under the age of 35. He likened the initiative to monumental policies in Nigeria’s history, such as Chief Obafemi Awolowo’s free education programme and Gen Yakubu Gowon’s creation of the National Youth Service Corps (NYSC).
The Chairman of the Committee, Gboyega Isiaka, acknowledged the significance of NELFUND and urged proactive measures to ensure its growth and sustainability over the next few years.
