NELFUND Encourages Parents to Support Children’s Access to Education Loans
The Managing Director of the 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 introduced by President Bola Ahmed Tinubu. This appeal was made during a sensitisation programme held at Ijebu Ife, in the Ijebu East Local Government area of the state.
Sawyerr highlighted that the President recognizes the importance of quality education and is determined to ensure that no Nigerian child is denied access to schooling due to financial constraints. He emphasized that the government is committed to making education more accessible and affordable for all.
Since the launch of the scheme in 2024, NELFUND has disbursed a total of N116bn in school fees and monthly upkeep. This initiative aims to provide students with the necessary financial support to pursue higher education without worrying about the cost.
“President Tinubu is committed to making life easier for all Nigerians. He understands the power of education because these developed countries that have gone ahead of us did not make such a leap because of the colour of their skin, but the foundation is rooted in education. So, our President has put down so many funds to ensure our children go to school by accessing these students’ loans. We have so far disbursed N116bn since the programme began,” said Sawyerr.
He further urged parents not to keep their children at home or deny them educational opportunities due to lack of funds. “No parents or guardians must keep their children at home or deny them the opportunity to advance educationally because of lack of funds; that is now in the past. I hereby encourage you all to go back home and help the federal government spread this good news. President Tinubu does not want to hear that our children cannot go to university, polytechnic, or college of education for a lack of funds. NELFUND has taken care of that, and so we should urge our children 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 that the student loan scheme is designed to expand access to quality tertiary education across the country. He addressed common misconceptions about the program, stating that it is a loan without a guarantor.
“Apart from that, it is an outright falsehood that the certificates of the beneficiaries of the student loans would be seized; this is a loan that is without a guarantor. The beneficiaries will begin loan repayment two years after graduation with 10% of their salaries, but if the beneficiary is yet gotten a job, he or she will write NELFUND to say that he has not gotten a job and that is settled. President Tinubu set up the scheme to make life easier for Nigerians and not punish the people,” Akinfala explained.
Local Government Support for the Initiative
The Chairman of the local government, Dr. Dare Kehinde, expressed appreciation for the Tinubu government’s efforts in establishing the student loans scheme. He announced plans to set up a centre within the Council area to support students applying for the loan and guide them through the registration process.
This initiative is expected to significantly reduce the financial burden on families and enable more students to pursue higher education. With the backing of the federal government and local authorities, the education loan scheme is positioned to transform the educational landscape in Nigeria.
Benefits of the Education Loan Scheme
- Financial Support: The scheme provides essential funding for school fees and monthly upkeep.
- No Guarantor Required: Beneficiaries can access loans without needing a guarantor.
- Flexible Repayment: Repayment begins two years after graduation, with 10% of the graduate’s salary used for repayment.
- Job Flexibility: If a graduate is unable to find employment, they can inform NELFUND and defer repayment.
Conclusion
The education loan scheme initiated by NELFUND represents a significant step towards ensuring equitable access to education in Nigeria. By removing financial barriers, the program empowers students to pursue their academic goals and contribute to the nation’s development. With continued support from the government and local communities, this initiative has the potential to create lasting positive change.