The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFund), Mr. Akintunde Sawyerr, has launched a campaign to raise awareness about the student loan scheme in Ekiti State, urging parents to encourage their children to seize the opportunity to pursue higher education.
During a recent visit to the Palace of the Oore of Otun Ekiti, Oba Adekunle Adeagbo, Sawyerr highlighted President Bola Tinubu’s commitment to alleviating the financial burden of tertiary education on families. He described the student loan initiative as a vital chance for Nigerian students to access quality education.
Sawyerr addressed traditional rulers and community members from the 13 kingdoms within the Moba Local Government area, emphasizing the importance of promoting the Federal Government’s student loan scheme.
“Nigerians are eager for knowledge; we are curious and want to learn. The student loan policy has opened doors for individuals to further their education,” he stated.
He remarked on the substantial interest in the program, revealing that within the last 24 hours alone, 12,000 applications for the student loan had been received. Since May of the previous year, the scheme has seen nearly 700,000 beneficiaries and over a million applications, indicative of the significant demand for educational funding.
“This unprecedented response reflects the urgent need for education in our country. An educated Nigeria will stand strong against any threats,” Sawyerr expressed. Praising Oba Adeagbo for his proactive leadership, Sawyerr acknowledged the paramount ruler’s efforts to ensure that no individual within his domain misses out on this educational opportunity.
“The interest shown by the Oba led to my swift visit here. His forward-thinking approach is exactly what we need, and the community’s welcoming attitude has been remarkable,” he added.
Sawyerr urged local parents to embrace the student loan initiative, encouraging them to support their children’s applications due to the favorable loan terms. “This is a chance to bring relief to families, support the aspirations of the youth, and contribute to the honor of Nigeria,” he concluded, calling for collective action to advance educational attainment in the region.”
According to him, with the gesture, President Tinubu has taken the burden of committing high percentage of their household income on education of their children away from them, “so they can use that money to start businesses, to invest in other things”.
NELFund Executive Director, Finance and Administration, Dr Femi Akinfala, assured the parents that their children were automatically qualified for the student loan once they secured admission to public tertiary institutions, as long as the student applied following normal channel.
Akinfala said, “What the Tinubu administration has done with student loan scheme is to make parents forget the financing of the education of their children in public tertiary institutions as government would bear the burden through the loan”.
In his remarks, the Oore of Otun Ekiti, Oba Adeagbo, expressed joy over the visit of the NELFund leadership and what the kingdoms would benefit from it, in terms of unfettered access of their sons and daughters to education.
Oba Adeagbo, who lauded Sawyerr for his focus, passion and commitment to the project, prayed that God would continue to bless the government of Bola Tinubu in view of the laudable programmes, projects and policies.
He said, “President Tinubu is working. This (student loan) is a testament to that fact. We should seize the opportunity. We are seeing an opportunity like this because President Tinubu, a man who values education, is on the seat.
“We are the ones to develop ourselves. The only way there can be development is through education. Let us not take this for granted, let us mobilize our sons and daughters.
“The result of this student loan, which gives our children access to education, is not really today, but in the future – 10 years, 20 years, 30 years, 40 years from now, we will begin to see the impacts. We can remember what the late Premier, Chief Obafemi Awolowo, did, free education, today look at the impact in the Southwest”.
A former Commissioner for Youths in the state, Gold Adedayo, who hailed from Moba, lauded President Tinubu for establishing NELFund, which he said was testament to the president’s priority attention to the education of the youths
Adedayo said that since commencement of disbursement of loans to students by NELFund, there had been end to numerous requests for financial supports from students to the state government through the Ministry of Youths.
Adedayo said, “The student loan scheme invented by President Tinubu, has not only liberated young and versatile Nigerians from the shackles of illiteracy, but has started bridging the existing gulf between the rich and poor, thereby exterminating class differences among Nigerian citizens”.
Recall that NELFUND was established to implement the Nigerian Student Loan Scheme, signed into law by President Bola Tinubu in April 2024.
The Tinubu-led administration’s initiative provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
The scheme, which began accepting applications in May 2024, was designed to eliminate financial barriers to education and support students from low-income families.
Beneficiaries are expected to repay the loans after completing their studies and gaining employment.
According to NELFund on November 6, to date, it has received 1.035,673 applications on its student loan portal since the official launch on May 24, 2024.
Since its inception, NELFund has disbursed over ₦116.4billion in student loans, covering both institutional fees (N65.3bn) and upkeep allowances to students (N51.1bn) across 239 universities, polytechnics and colleges of education nationwide.
Sawyerr described the development as “a defining moment in Nigeria’s journey toward equitable education financing.
“Crossing the one-million mark represents more than data; it represents renewed hope for a generation of Nigerians determined to rise above financial barriers to education. It is a testament to visionary leadership, sound policy design, and the collective efforts of all stakeholders driving this transformative agenda”
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