President Bola Tinubu launched the Nigerian Education Loan Fund (NELFUND) application portal yesterday, aiming to expand access to higher education. During the launch event, he underscored the pivotal role of education in addressing poverty, insecurity, and fostering national development.
Tinubu emphasized, “Education is the key to overcoming poverty in any society. It provides vision, drives development, and is essential in our efforts to combat insecurity.”
He also highlighted Nigeria’s ongoing commitment to investing in education as a critical strategy to tackle terrorism, banditry, and other security challenges.
Regarding the launch, Tinubu stated, “Today marks the fulfillment of one of my key campaign promises. Education is fundamental for personal and national progress, and essential for effectively addressing security threats like terrorism and banditry.”
He expressed confidence that NELFUND’s initiatives would empower individuals to pursue education and contribute positively to society’s growth and stability.
Certainly! Here’s another paraphrase:
Akintunde Sawyerr, Managing Director and Chief Executive Officer of the Fund, reported that 160,000 students have registered for the scheme, with 110,000 having already applied for interest-free loans. He highlighted a growing recognition and acceptance of NELFUND despite initial doubts.
Sawyerr emphasized, “NELFUND’s goal is to empower Nigerian youth by providing fair and transparent funding, removing financial barriers to educational opportunities and academic pursuits.”
Speaking to the press, Sawyerr underscored the program’s significance, noting its potential to positively impact countless lives in Nigeria, both now and in the future. He commended President Tinubu for his visionary leadership in launching what he described as a transformative initiative, stating, “This bold and ambitious move promises prosperity not only for the president but for the entire nation.”
Regarding the fund’s operations, Sawyerr explained that students can apply for loans covering tuition and living expenses, with funds disbursed directly to institutions for tuition fees and directly to students for their allowances. He also mentioned a notable increase in applications from students in northern Nigeria, attributing this to proactive institutional support and effective networking efforts in the region.
Akintunde Sawyerr, Managing Director and Chief Executive Officer of the Fund, acknowledged contrasting sentiments across Nigeria regarding NELFUND. He noted increased skepticism and awareness in the southern region, with some questioning the program’s legitimacy. However, Sawyerr assured that the ongoing disbursement of funds would help alleviate these concerns.
He highlighted the demand for loans among different types of institutions, noting that universities have shown the highest interest, followed by polytechnics and teacher training colleges. Sawyerr anticipated this trend to continue, particularly favoring universities.
Sawyerr emphasized, “In terms of regional distribution, institutions in the North have been particularly proactive in supporting and providing data for their students, which explains the current leaning towards the northern region. In the southern part of the country, there’s growing awareness and interest, despite initial skepticism.”
He clarified that NELFUND’s primary objective is to offer interest-free loans aimed at making higher education accessible to all Nigerians, regardless of economic background. The program, backed by President Tinubu, is expected to significantly impact the country’s education sector.
Regarding loan repayment, NELFUND outlined a flexible process starting two years after completing the National Youth Service Corps program. Sawyerr explained, “Repayment involves deducting ten percent of earnings until the loan is fully repaid, with options for extensions and loan forgiveness under certain conditions like unemployment or permanent disability.”
Meanwhile, the launch of NELFUND has been hailed by the National Association of Nigerian Students (NANS) as a pivotal moment for Nigeria’s education sector. NANS President, Lucky Emonefe, expressed excitement over the realization of a long-held aspiration, describing it as a new era in education.
Key government officials attended the launch, including the President of the Senate, Speaker of the House of Representatives, and several ministers, underscoring the program’s national significance and support.
