Dr. Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund, NELFUND, has stated that students from higher institutions in Nigeria’s southern regions are not applying for loans due to doubts about their viability.
Sawyerr made this comment following the launch of loan disbursements by President Bola Tinubu at the Presidential Villa in Abuja on Wednesday, July 17.
He observed that more students from the North have applied for the loans, attributing this to better coordination by tertiary institutions in that region.
“In the southern part of the country, there’s growing awareness and interest. There’s been a lot of scepticism, and I think the most sceptical parts of the country are in the South; they question everything: Is it true? Is it real? Is it a scam?
“And I think what you witnessed today with us actually starting this disbursement programme is to say that ‘this is not NO FUND. This is NELFUND.’
“The zones with the highest, I can say to you that institutions in the North of the country have been very proactive at supporting and helping their students and providing their data to us,” Sawyerr said.
He assured Nigerians that the initial skepticism would fade as more loans were disbursed.
“So, that’s where the leaning is currently. But that (high adoption in the North) is to be expected because they seem very well organized in terms of networking in the northern part of the country.
“So, I think we’ll see the scepticism that you can find mainly in the southern part begin to disappear when we start paying out,” he added.
Nonetheless, Sawyerr mentioned that NELFUND was actively working to raise awareness in the South to encourage students in the region to embrace the scheme once disbursements begin.
He also revealed that more university students had applied for loans compared to students of polytechnics and colleges of education.
Sawyerr stated: “We’re trying to ensure that people know this is not a trick, it’s not a game. Mr. President has backed this with cash and we’re going to disburse that cash.
“In terms of the three levels of institutions, the universities are the ones with the highest demand for the loans, then I think it’s followed by the polytechnics and then the teacher training colleges and I think it’s probably going to remain that way, the bias is going to remain that way.”
Sawyerr explained that students from private institutions were excluded from the scheme because their tuition fees are higher. He added that if the government were to fund students at private universities, it would not be able to meet the initiative’s goals.
He also emphasized that the loan scheme would positively impact many lives in the country, stating: “The effect of providing this opportunity for the most needy Nigerians, most capable Nigerians in many ways, and the people who probably will look after us, or whose decisions will impact on us in our old age cannot be underestimated.
“These are the most important people in the country that we’re trying to affect. So, I want to give all the praise and all the recognition to the President, His Excellency Bola Tinubu, for having the vision and the courage to do what he has just done. I’m sure you’ve all heard that fortune favours the brave and this courageous move will bring fortune not just to him but to the entire nation.”
Additionally, the National President of the National Association of Nigerian Students, NANS, Lucky Imonife, affirmed that the loans are accessible to all students, regardless of their background.
“Nigerian students are happy that the dream has come true. It was once a dream, it has become an act and today is the presidential launch and disbursement.
“We are very proud of this. We, as Nigerian students, will call it a new dawn in the education sector.
“Whatever background you belong to, you can assess the loan. Once you apply, you will get it, irrespective of your status, your age and your class,” said Imonife.
Recall that in April, President Tinubu signed into law the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024.
Comments