Governor Ademola Adeleke of Osun State has called upon the management of the Nigerian Education Loan Fund (NELFUND) to operate the scheme without falling into the debt traps that have plagued similar initiatives in other countries, particularly referencing the United States.
During a courtesy visit by NELFUND’s Managing Director, Mr. Akintunde Sawyer, the governor emphasized the importance of learning from international experiences to avoid such pitfalls.
Adeleke, drawing from his experience as a long-term resident in the United States, highlighted the crisis of student loan debt there, which has become a contentious issue.
He stressed the need for Nigeria to integrate mechanisms that prevent a similar accumulation of debt among students.
Commending President Bola Tinubu for his role in establishing and launching NELFUND, Adeleke underscored the fund’s potential to provide essential financial support to indigent students, thereby alleviating their educational hardships.
Akintunde Sawyer, in his remarks, outlined NELFUND’s mission to facilitate access to higher education for students lacking financial means.
He noted Osun State’s significant number of loan applicants and assured that the loans are interest-free, with repayments commencing after beneficiaries secure employment following their National Youth Service Corps (NYSC) program.
The initiative aims not only to bridge the gap for aspiring tertiary students but also to ensure sustainable educational financing that avoids burdening graduates with excessive debt.
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