The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr, has announced the fund’s commitment to disbursing 90 billion naira for tuition fees and stipends.
Sawyerr said this at a meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing on Wednesday in Abuja.
He noted that the fund has received over 350,000 applications and has so far disbursed more than N10 billion.
According to him, the fund is inclusive, ensuring that every Nigerian, regardless of location or background, has access to the education they deserve.
Sawyerr emphasised that NELFUND is an institution designed to provide relief, particularly in these challenging economic times, aligning with President Bola Tinubu’s Renewed Hope Agenda.
He stated that the fund offers not just immediate palliative relief but a long-term solution aimed at fostering stability and growth in Nigeria.
“Applications are coming in at an average of over 1,000 per day, and we are making special provisions for students with disabilities.
“We are also focused on addressing barriers to girl-child education, recognising that denying girls the opportunity for further education denies the nation the chance to benefit from their leadership potential.
“With 70 per cent of our population under the age of 35, failing to provide education for this segment exposes Nigeria to a future fraught with instability and violence, this intervention by President Tinubu could not have come at a better time”.
Sawyerr further stated that deliberate efforts are being made to proactively reach out to regions that feel left behind, particularly the South East.
He noted that following multiple rounds of sensitisation in local communities, there has been significant progress with a surge in applications.
He reiterated NELFUND’s commitment to working closely with the committee to achieve its goals.
“This collaboration is crucial in shaping a student loan system that truly serves the interests of all Nigerians.
“As we continue to work together, let us remember that our collective goal is the betterment of Nigeria and its youth.
“By ensuring education remains accessible and equitable, we are securing the future of millions of young Nigerians and building a stronger, more prosperous nation”.
In his remarks, the Chairman of the Committee, Rep. Gboyega Isiaka (APC-Oyo), described NELFUND as a critical agency.
He noted that the fund is about creating a future where every Nigerian youth has the opportunity to realise their potential and contribute to national development.
Isiaka expressed concerns about the management’s capacity to handle the fund, given its potential.
“As we proceed with proper oversight of this institution, we will focus on several key issues. For instance, we need to be able to ask ourselves: Where will NELFUND be in the next three to five years?
“How will it achieve its goals, and what challenges need to be addressed to get there?” he said.
Isiaka reaffirmed the committee’s commitment to ensuring accountability and transparency, pledging to work within the law to meet the aspirations of Nigerians, especially the youth.
