President Tinubu’s Education Loan Scheme: A Game-Changer for Nigerian Students
The Nigerian Education Loan Fund (NELFUND) has taken significant steps to ensure that financial barriers do not hinder access to higher education in Nigeria. The Managing Director of NELFUND, Mr Akintunde Sawyerr, recently urged residents of Ogun State to encourage their children enrolled in public institutions of higher learning to take full advantage of the Federal Government’s education loan scheme.
Sawyerr highlighted that NELFUND has already disbursed a total of N116 billion as school fees and monthly stipends since the program was launched last year. This initiative, introduced by President Bola Tinubu, aims to provide financial support to students who might otherwise be unable to afford tertiary education.
During a sensitization program held at Ijebu Ife in the Ijebu East Local Government area, Sawyerr emphasized that President Tinubu recognizes the critical role of education in national development. He explained that the initiative is designed to ensure that no Nigerian student is denied access to higher education due to financial constraints.
Sawyerr stated, “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 because their foundation is rooted in education.”
He added, “So, our President has provided substantial funding to ensure our children go to school by accessing this students’ loan. We have so far disbursed N116bn since the programme began. No parent or guardian should keep their children at home or deny them the opportunity to advance educationally because of lack of funds — that is now a thing of the past.”
Sawyerr encouraged everyone to spread the word about the initiative, emphasizing that the goal is to ensure that no child is left behind due to financial issues. He urged parents and guardians to support their children in applying for the loan.
Addressing Concerns About the Loan Scheme
Dr Frederick Akinfala, the Executive Director of Finance and Administration at NELFUND, also spoke about the importance of the scheme. He addressed rumors that beneficiaries would face penalties or have their certificates withheld after graduation. Akinfala clarified that such claims are not part of the NELFUND establishment Act.
He explained, “It is an outright falsehood that the certificates of the beneficiaries of the students’ loans would be seized. This is a loan that requires no guarantor. Beneficiaries will begin repayment two years after graduation, with 10% of their salaries.”
Akinfala added, “However, if a beneficiary is yet to secure a job, he or she can write to NELFUND to notify us, and that will be settled. President Tinubu set up the scheme to make life easier for Nigerians, not to punish them.”
In addition to covering tuition fees, NELFUND provides a monthly stipend of N20,000 to beneficiaries. Akinfala urged residents of Ogun State and Nigerians in general to take advantage of the initiative, noting that sufficient funds have been allocated to ensure its success.
Support from Local Government
The Chairman of Ijebu East Local Government, Dr Dare Kehinde, praised President Tinubu for his vision in establishing the students’ loan scheme. He described it as a major step toward expanding access to quality education and securing the nation’s future.
Kehinde announced that the local government would establish a support center to assist students in applying for the loan and guide them through the registration process.
Growing Popularity of the Initiative
NELFUND recently reported that applications for the student loan scheme had surpassed one million, marking one of the largest responses to a government-backed social intervention under the Tinubu administration. The milestone was achieved less than a year after the program’s launch on May 24, 2024.
Oseyemi Oluwatuyi, the Director of Strategic Communications at NELFUND, described the achievement as proof that the scheme is gaining strong national traction and public trust.