NELFund urges student leaders to safeguard education loan scheme
By Uji A Iliyasu, Abuja
The Nigerian Education Loan Fund (NELFUND) has called on student leaders in tertiary institutions to take full responsibility for ensuring the smooth implementation of the interest-free education loan scheme. This call was made by the Managing Director and Chief Executive of NELFUND, Mr. Akintunde Sawyerr, during a Stakeholders Engagement Session & Technical Workshop held in Abuja on Thursday. The event, which entered its fourth day, attracted student union presidents and officials of the National Association of Nigerian Students (NANS).
Sawyerr emphasized that NELFUND is committed to breaking financial barriers for Nigerian students regardless of their background. He urged student leaders to collaborate with the agency to maximize the impact of the scheme, saying, “To make this work, we need you. Your voice. Your leadership. Your engagement on campus. Help us raise awareness, refine our processes, and ensure that this scheme reaches every student it was designed to serve.”
Highlighting the alignment of the initiative with President Bola Ahmed Tinubu’s Renewed Hope Agenda, Sawyerr noted that the loan scheme embodies the administration’s vision of inclusive and accessible education.
Executive Director of Operations, NELFUND, Iyal Mustapha, warned institutions against delays in verifying students’ applications. He stated that the disbursement of funds often stalls due to slow confirmation of applications by some schools, urging students to hold their institutions accountable.
“If your school doesn’t confirm your status, we can’t release the funds. You must ensure your institution does the right thing. This loan is about removing barriers so you can focus on your education,” Mustapha said, adding that repayment would only commence two years after completing the National Youth Service Corps (NYSC) and only if the graduate is employed.
Meanwhile, NANS President, Olushola Oladoja, expressed concern over allegations of institutions withholding information about disbursed funds. He revealed that NANS has set up a five-member investigative committee to probe the alleged discrepancies and engage directly with NELFUND.
“We received reports of institutions claiming not to have received funds despite NELFUND’s confirmation of payment. This committee will work closely with the Independent Corrupt Practices Commission (ICPC) to investigate,” Oladoja said.
Umar Lawal, a final-year student of Bayero University, Kano, commended the student loan scheme, describing it as a significant step towards supporting students facing financial challenges. However, he also raised concerns about transparency and accountability within institutions, urging swift action to address any irregularities.