NELFUND Urges Ogun Residents to Embrace Education Loan Scheme as Disbursement Reaches ₦116 Billion

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, has called on residents of Ogun State to encourage their children in public higher institutions to take advantage of the Federal Government’s student loan scheme introduced by President Bola Tinubu.

Speaking during a sensitization programme held at Ijebu-Ife in Ijebu East Local Government Area, Sawyerr revealed that NELFUND has already disbursed a total of ₦116 billion in tuition fees and monthly stipends since the programme was launched last year.

He emphasized that the initiative was established to remove financial barriers to tertiary education and ensure that every Nigerian student has the opportunity to pursue higher learning regardless of their background.

According to Sawyerr, “President Tinubu understands the importance of education in national development. Developed nations did not progress because of the color of their skin, but because of their strong educational foundations. That is why the President created this loan scheme — to guarantee that no Nigerian child is denied education due to financial constraints.”

He encouraged parents and guardians to spread the message about the availability of the student loan and ensure their children in universities, polytechnics, and colleges of education apply without hesitation.

“No parent should keep a child at home because of school fees. That excuse is now a thing of the past,” he said. “The Federal Government has provided adequate funding through NELFUND to ensure every student has access to education.”

Also speaking at the event, the Executive Director of Finance and Administration at NELFUND, Dr. Frederick Akinfala, appealed to residents to support the Federal Government’s effort to expand access to quality education across Nigeria.

Dr. Akinfala dispelled misconceptions about the loan scheme, clarifying that beneficiaries’ certificates would not be withheld after graduation, nor would they be penalized unfairly for repayment issues.

“It is false to say that students’ certificates will be seized or that guarantors are required,” he explained. “Repayment only begins two years after graduation and is limited to 10% of the beneficiary’s salary. If a graduate has not secured employment, they can notify NELFUND, and appropriate arrangements will be made. The goal is to ease financial pressure, not to punish anyone.”

Akinfala further noted that, apart from tuition payments, each beneficiary receives a monthly stipend of ₦20,000 to support their living expenses.

He urged parents, students, and the general public to take full advantage of the initiative, emphasizing that sufficient funds have been made available to ensure its sustainability.

The Chairman of Ijebu East Local Government, Dr. Dare Kehinde, praised President Tinubu for introducing the student loan scheme, describing it as a visionary policy that will transform Nigeria’s education sector.

He also announced plans to establish a local support center to help students apply for the loan and guide them through the registration process.

In recent months, NELFUND disclosed that applications for the education loan have exceeded one million, marking one of the most successful government-backed social intervention programmes under the Tinubu administration.

The Director of Strategic Communications at NELFUND, Oseyemi Oluwatuyi, confirmed that this milestone was achieved less than a year after the official launch on May 24, 2024, reflecting growing public trust in the initiative.

Oluwatuyi noted that the massive response demonstrates the increasing awareness among Nigerians that education is a critical pathway to personal and national growth.

The NELFUND scheme continues to position itself as a game-changer in Nigeria’s education system by promoting equal access, financial inclusion, and long-term human capital development.