The Nigerian Education Loan Fund (NELFUND) has urged students in higher institutions nationwide to take advantage of its interest-free loan scheme, with Managing Director and Chief Executive Officer Akintunde Sawyerr emphasizing transparency and fairness in the application process.
Speaking during a press briefing in Lagos, Sawyerr disclosed that N23 billion had already been disbursed to students across 228 universities. Of this sum, N18 billion covered tuition fees, while N5 billion was allocated for upkeep allowances.
“Our goal is to ensure no Nigerian is denied education because of financial constraints,” he stated. “You don’t need to know anyone to qualify for this loan. The system is fair, transparent, and without interference.”
Bridging Educational Gaps with Loans
Since the scheme’s inception, 326,000 students have applied for loans, reflecting a strong demand for financial assistance in tertiary education. NELFUND’s CEO affirmed the federal government’s commitment to sustaining the initiative, with adequate funding in place to meet the demand.
Sawyerr noted that the application process was deliberately moved online to eliminate bias and simplify access. According to him, this ensures that every Nigerian student, irrespective of their location, can easily apply.
However, he acknowledged regional disparities in loan uptake, revealing that students in northern Nigeria have embraced the scheme more actively than their counterparts in the south.
Overcoming Cultural Barriers and Skepticism
The uneven regional participation, Sawyerr explained, is rooted in cultural and societal attitudes toward loans. He noted that in some parts of the country, skepticism and a lack of familiarity with borrowing for education have hindered adoption.
“Loan-taking is not traditionally part of the culture in certain areas, which explains the hesitation,” he said. “But this is changing. With increased awareness, we are seeing encouraging growth in applications from these regions.”
NELFUND has ramped up its awareness campaigns to ensure that students nationwide recognize the benefits of the loan program. According to Sawyerr, the scheme is designed to create equitable opportunities for all Nigerians to access higher education.
“Our obligation is to go to every nook and cranny of Nigeria, making people aware of the scheme and its advantages,” he said. “The parts of the country that were initially skeptical are now growing faster in loan applications than other regions.”
Interest-Free and Accessible
One of the scheme’s most appealing aspects is its interest-free nature. Sawyerr emphasized that this feature underscores the government’s focus on ensuring fairness and accessibility for all.
“The loans are entirely interest-free, and students can use them to cover tuition fees and living expenses,” he stated. “Our objective is to ensure fairness and equity in the dissemination of information about this opportunity.”
NELFUND’s Nationwide Campaign
NELFUND’s proactive outreach includes collaboration with local communities, student unions, and educational institutions to spread the word. The agency also leverages digital platforms and traditional media to address misconceptions and promote the scheme.
Sawyerr highlighted the organization’s commitment to inclusivity. “We want everyone, regardless of their background or region, to understand that this loan is for them,” he said. “Our mission is to remove barriers to education and provide a level playing field for all Nigerians.”
Encouraging Feedback and Adaptation
As the program progresses, NELFUND continues to refine its processes based on feedback. Sawyerr revealed that data-driven insights have been instrumental in identifying gaps and tailoring awareness campaigns to reach underrepresented groups.
For instance, regions previously resistant to borrowing are now showing significant growth in applications due to targeted outreach efforts. “The data shows that our efforts are yielding results,” Sawyerr remarked.
A Call to Action
With billions already disbursed and a robust framework in place, Sawyerr called on eligible students to seize the opportunity. He stressed that NELFUND’s ultimate aim is to empower Nigerians through education.
“We are not here to compel anyone to take a loan,” he clarified. “Our role is to inform, educate, and make the process as seamless as possible for those who need it.”
As NELFUND continues its mission, the CEO reiterated the importance of bridging the gap between access to education and financial limitations. “Education is a right, not a privilege,” he said. “We are committed to making that a reality for all Nigerians.”
Growing Impact, Expanding Reach
The success of the loan scheme so far highlights its potential to transform Nigeria’s educational landscape. By providing financial support to thousands of students, NELFUND is not only reducing barriers to education but also fostering a culture of empowerment and self-reliance.
As the program gains momentum, Sawyerr is optimistic about its long-term impact. “We believe this initiative will significantly contribute to Nigeria’s development by creating a more educated and empowered populace,” he concluded.
With NELFUND’s sustained efforts and the government’s backing, the interest-free loan scheme is set to remain a cornerstone of Nigeria’s educational reform agenda. Students are encouraged to take advantage of this historic opportunity to secure their future.
