NELFUND Encourages Parents to Support Children Through Education Loan Scheme
The Managing Director of Nigeria Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, has called on parents in Ogun State to support their children in taking advantage of the education loan scheme launched by President Bola Ahmed Tinubu. This appeal was made during a sensitization program organized by NELFUND at Ijebu Ife, within the Ijebu East Local Government area of the state.
Sawyerr emphasized that the President recognizes the crucial role of quality education in national development and is committed to ensuring that financial constraints do not prevent any Nigerian child from attending school. He highlighted that NELFUND has already disbursed N116 billion in school fees and monthly upkeep since the initiative began in 2024.
“President Tinubu is dedicated to making life easier for all Nigerians. He understands the transformative power of education, as seen in developed nations that have achieved progress through strong educational foundations,” said Sawyerr. “Our President has allocated significant funds to ensure that our children can access higher education through this student loan program. We have disbursed N116 billion so far.”
He urged parents and guardians not to let financial difficulties hinder their children’s educational aspirations. “No parent should keep their children at home or deny them the chance to pursue higher education due to lack of funds. That era is over. I encourage you to return home and help spread this positive message. President Tinubu does not want to hear that our children could not go to university, polytechnic, or college of education because of financial constraints. NELFUND has taken care of that, so we must urge students in higher institutions to apply for this education loan.”
Addressing Misconceptions About the Loan Scheme
Dr. Frederick Akinfala, Executive Director of Finance and Administration at NELFUND, clarified some common misunderstandings about the student loan program. He stated that the scheme is designed to expand access to quality tertiary education nationwide.
“It is completely false that the certificates of loan beneficiaries will be seized. This is a no-guarantor loan. Beneficiaries will begin repaying the loan two years after graduation, with 10% of their salaries. However, if a graduate is unable to find a job, they can inform NELFUND, and the issue will be resolved. President Tinubu established this scheme to make life easier for Nigerians, not to punish them,” Akinfala explained.
Local Government Support for the Initiative
Dr. Dare Kehinde, Chairman of the local government, expressed appreciation for the Tinubu administration’s efforts in establishing the student loans scheme. He announced that the council would set up a center to assist students applying for the loan and provide guidance on the registration process.
Benefits of the Loan Program
The education loan program offers several advantages:
- Financial Accessibility: It ensures that students from all economic backgrounds can access higher education without financial barriers.
- Flexible Repayment Terms: Graduates can start repaying the loan two years after completing their studies, with 10% of their salary.
- No Guarantor Required: The loan is accessible without the need for a guarantor, reducing the burden on families.
- Supportive Infrastructure: Local governments are working to establish centers that provide guidance and assistance to students throughout the application process.
Conclusion
The NELFUND initiative represents a significant step forward in addressing the challenges of accessing quality education in Nigeria. By providing financial support and simplifying the loan process, the program aims to empower the youth and contribute to the nation’s long-term development. As more parents and students become aware of the opportunities available, the impact of this initiative is expected to grow, fostering a generation of educated and skilled citizens.