Mr. Akintunde Sawyer, the Managing Director and CEO of the Nigerian Education Loan Fund (NELFUND), revealed on Wednesday that the fund has successfully disbursed more than N10 billion to applicants since its inception in August 2024.
During a meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing at the National Assembly Complex in Abuja, Sawyer addressed concerns regarding the potential discrimination within the student loan scheme.
He assured committee members that NELFUND has made efforts to reach applicants across the nation, particularly in the South-East, where previous complaints of marginalization had arisen.
“So far, we have received over 350,000 applications and disbursed more than N10 billion, with a target of allocating N90 billion in tuition fees and stipends,” he stated.
Sawyer noted that the fund is receiving an average of over 1,000 applications daily and highlighted special provisions for students with disabilities. He also emphasized the importance of addressing barriers to girl-child education, asserting that denying girls access to further education limits the nation’s potential to benefit from their leadership capabilities.
“With 70 percent of Nigeria’s population under 35 years old, failing to provide educational access for this demographic could lead to future instability and violence. President Bola Tinubu’s intervention is timely and essential,” he remarked.
He characterized the student loan scheme as a unique and long-term solution to the challenges surrounding educational access in Nigeria.
“The Tinubu administration has introduced many commendable policies, and the student loan initiative is particularly impactful, reaching all parts of the nation—East, West, North, and South.”
Sawyer stressed that the policy is inclusive, ensuring that every Nigerian, regardless of their location or background, has access to quality education. He likened it to significant historical policies such as Chief Obafemi Awolowo’s free education program and the establishment of the National Youth Service Corps by Gen. Yakubu Gowon, noting that these initiatives have played a crucial role in Nigeria’s development.
“The student loan initiative is equally progressive and represents a vital investment in the future of our nation,” he concluded.
Gboyega Isiaka (APC, Ogun), the Chairman of the Committee, commended NELFUND as a vital agency dedicated not only to providing loans but also to creating a future where every Nigerian youth can realize their fullest potential.
