The Nigerian Education Loan Fund (NELFUND) has assured students that taking a student loan will not prevent them from traveling abroad after graduation in search of better job opportunities. This assurance was made by Akintunde Sawyerr, the Managing Director and CEO of NELFUND, during a sensitization program held at Edo University, Iyamho, on March 12, 2025.
Addressing students’ concerns about potential travel restrictions due to the student loans, Sawyerr clarified that the law establishing the NELFUND does not impose any barriers on graduates wishing to seek employment abroad. According to him, students who benefit from the loan scheme are free to travel and explore job opportunities anywhere in the world without fear of legal consequences related to the loan.
“The law does not tie you down. It does not say that you cannot leave Nigeria because you have a loan with us. You are free to go anywhere you wish,” Sawyerr explained. However, he advised that if a student takes a loan and later chooses to work abroad, they should ideally pay back the loan to Nigeria.
This clarification came in response to a growing concern among students that taking loans to fund their education could limit their ability to explore opportunities outside Nigeria. Many young Nigerians, in the face of an unstable economy and limited job prospects, are increasingly seeking better opportunities abroad, a trend commonly known as “Japa.”
Sawyerr also used the occasion to encourage students to make use of the loan scheme, highlighting its unique advantages. He explained that unlike other types of loans, the NELFUND offers an interest-free repayment plan, even if it takes up to ten years for graduates to repay. This makes it an attractive option for students facing financial challenges while pursuing their education.
“I want you to embrace this opportunity because it is one that could change your future and the future of generations to come,” Sawyerr said. “NELFUND is different from other loans; it is the only loan that you can take to acquire something that can never be taken away from you.”
According to Sawyerr, NELFUND has already disbursed funds to a significant number of students. He revealed that the fund has processed around 261,000 student applications and disbursed a total of N61.4 million to students for tuition and living expenses. This funding is part of a larger pool, with an additional N135 billion set aside for further disbursements, depending on how many students apply and are processed.
The loan scheme has seen a significant number of applications, with 520,000 registrations and 419,000 applications. Despite this, Sawyerr acknowledged that there are still many students who have yet to take advantage of the loan program. He encouraged all students, especially in Edo State, to apply, as the scheme is designed to ease the financial burden of their education and provide them with the support needed to complete their studies successfully.
At the event, the Edo State Commissioner for Education, Dr. Paddy Iyamu, pledged the state government’s commitment to ensuring students fully utilize the loan scheme. He emphasized that the program is highly beneficial to students and expressed the state’s determination to inform and encourage more students to apply.
“We want all students in our schools to apply for this program because it will greatly benefit them. We will continue to remind all heads of tertiary institutions in the state to pass on this important message to students,” Iyamu said.
In addition, the Acting Vice Chancellor of Edo University, Professor Dawood Egbefo, praised the NELFUND initiative, revealing that 51 students from the university had already received funding totaling N61.4 million for the 2023/2024 academic session.
However, NELFUND officials expressed concern over the low number of applications at other universities, particularly at Ambrose Alli University (AAU) in Ekpoma, where only 102 students had applied for funding. This amounted to less than N20 million in loans for the academic year.
Lami Suwaid, the Director of Loan Allocation and Distribution at NELFUND, urged AAU to take advantage of the new registration cycle to increase student participation in the loan scheme.
The acting Vice Chancellor of AAU, Professor Sunday Olowo Samuel, represented by Professor Eunice Omoregie, Director of Academic Planning, reiterated the university’s commitment to raising awareness about NELFUND and encouraging students to apply. She emphasized that the program is aimed at equipping students with the knowledge and resources needed to make informed decisions about their future.
“We are here to educate and sensitize our students about the various opportunities available through NELFUND. The goal is to ensure that they are aware of these opportunities and can make the best decisions for their education and future,” Omoregie said.
This initiative comes at a crucial time when many Nigerian students face financial difficulties in completing their education. With tuition fees rising, NELFUND offers a lifeline to students who may otherwise struggle to finance their education.
Additionally, the growing trend of Nigerians seeking better job opportunities abroad, driven by high unemployment rates and a difficult economic environment, makes it all the more important for students to access financial support that can help them achieve their educational goals and improve their prospects for the future.
NELFUND’s efforts to make education more accessible through loans, coupled with its assurances regarding travel and work freedom for graduates, are expected to provide much-needed relief to many Nigerian students.
As Nigeria continues to face economic challenges, programs like NELFUND will play a significant role in ensuring that students are able to complete their education without being held back by financial constraints. It is now up to students across the country to take full advantage of this opportunity and secure their futures.
