The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, has called on residents of Ogun State in southwestern Nigeria to encourage their children studying in public higher institutions to take advantage of the Federal Government’s education loan scheme introduced by President Bola Tinubu.
Speaking during a sensitisation programme held on Friday in Ijebu-Ife, Ijebu East Local Government Area of the state, Sawyerr disclosed that the Fund had so far disbursed ₦116 billion in tuition fees and monthly stipends since the scheme commenced in 2024.
He explained that President Tinubu established the programme to make education more accessible to Nigerian youths, stressing that financial hardship should no longer prevent anyone from pursuing tertiary education.
Sawyerr said, “President Tinubu is committed to making life easier for all Nigerians. He understands the power of education because developed countries did not advance because of the colour of their skin, but because their foundation is rooted in education. So, our President has provided substantial funding to ensure our children go to school by accessing this student loan. We have so far disbursed ₦116 billion since the programme began.”
Okay News reports that Sawyerr encouraged parents and guardians to support their children to apply for the loan, assuring them that the Federal Government has made adequate provisions to sustain the initiative.
“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. President Tinubu does not want to hear that our children cannot go to university, polytechnic, or college of education due to a lack of funds,” he said.
The Executive Director of Finance and Administration at NELFUND, Dr. Frederick Akinfala, also appealed to residents to embrace the scheme, dismissing misconceptions about the terms of repayment.
He clarified, “It is an outright falsehood that the certificates of beneficiaries would be seized. This is a loan that requires no guarantor. Beneficiaries will begin repayment two years after graduation, with 10% of their salaries. However, if a beneficiary is yet to secure a job, he or she can write to NELFUND to notify us, and that will be addressed. President Tinubu set up the scheme to make life easier for Nigerians, not to punish them.”
Akinfala also noted that, in addition to paying tuition fees directly to institutions, NELFUND provides a monthly stipend of ₦20,000 to each beneficiary.
The Chairman of Ijebu East Local Government, Dr. Dare Kehinde, commended President Tinubu for what he described as a visionary step toward ensuring universal access to tertiary education. He announced plans by the local government to establish a support centre that will assist students in applying for the loan.
Recent data from NELFUND revealed that applications for the student loan scheme have surpassed one million, making it one of the most successful government-backed social intervention initiatives in the country’s history.
The Director of Strategic Communications at NELFUND, Mr. Oseyemi Oluwatuyi, described the milestone as “a strong indication that the programme has earned the confidence of the Nigerian public within a short period.”
