The Nigerian Education Loan Fund (NELFUND) has assured students that receiving loans under its student loan scheme will not restrict their ability to travel abroad after graduation. This clarification was made by Akintunde Sawyerr, the Managing Director and Chief Executive Officer of NELFUND, during an awareness program held at Edo University in Iyamho.
Sawyerr addressed concerns raised by students about potential travel limitations, emphasizing that the legislation establishing NELFUND does not impose any such restrictions. “The law that created the Nigerian Education Loan Fund does not restrict your freedom to seek employment anywhere in the world. You are not bound by any constraints. It does not state that you cannot leave Nigeria because you have a loan with us. You are free to travel globally,” he explained.
He urged students to take personal responsibility for repaying their loans, regardless of where they choose to work after graduation. “If you secure a job outside Nigeria, the right and honorable thing to do is to repay the loan to your country,” Sawyerr added.
Sawyerr encouraged students to take advantage of the loan scheme, describing it as a unique opportunity with long-term benefits. “I urge you to embrace this initiative and act on it. Missing this opportunity could have generational consequences. NELFUND is distinct from other loan programs because it enables you to invest in something that cannot be taken away from you—your education,” he said.
He further highlighted the favorable terms of the loan, noting that it is interest-free, even if repayment takes up to ten years.
Providing an update on the loan disbursement process, Sawyerr revealed that NELFUND is prepared to disburse up to N135 billion once all applications are processed. “So far, we have received approximately 520,000 registrations and 419,000 applications. We have processed and disbursed funds to 261,000 students, covering both living expenses and tuition fees. If all current applications were processed, our total financial commitment would be around N135 billion. We have the funds ready and are prepared to disburse this amount as needed,” he stated.
The NELFUND initiative aims to support students in pursuing their education without financial barriers while encouraging responsible repayment to sustain the program for future generations.
