*’To take full ownership of the interest-free education loan scheme’
WorldStage Newsonline– The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr, has stated that students are not just beneficiaries of NELFUND but co-architects of its success.
Sawyerr said this during his closing remarks at a Stakeholders’ Engagement Session and Technical Workshop on NELFUND System Automation and Loan Application Processes, in Abuja.
The fourth day of the engagement session focused on Student Union Presidents from tertiary institutions.
He emphasised the vital role students play in refining the loan application process, increasing awareness, and ensuring the scheme reaches its intended beneficiaries.
“Students are not just beneficiaries of NELFUND; you are co-architects of its success,” he said.
Sawyerr further highlighted that President Bola Tinubu’s vision for NELFUND was anchored in national inclusion, breaking down financial barriers, and leveraging education as a transformative tool.
Reaffirming NELFUND’s commitment, he outlined its core principles, which include transparency, open communication, a secure and seamless application process, and a student-first approach in all operations.
“These goals cannot be achieved by the institution alone. We need you, your voice, your leadership, and your engagement on campus,” he noted.
He urged student union leaders to serve as ambassadors of the fund, raise awareness among their peers, and collaborate with NELFUND to improve and perfect its systems.
Sawyerr ended by reiterating NELFUND’s commitment to removing financial barriers and creating opportunities for all Nigerian students to thrive.
TAKE CHARGE
Meanwhile, the Executive Director of Operations at NELFUND, Iyal Mustapha has urged student leaders across various tertiary institutions to take full ownership of the new interest-free education loan scheme.
Speaking during the fourth day of the stakeholders’ engagement which was dedicated to a session with Student Union Presidents of tertiary institutions, Mustapha cautioned institutions against delays in verifying students’ applications.
He explained that once applications are verified, they are forwarded to the respective institutions for confirmation, a step that has sometimes delayed disbursement due to slow institutional responses.
“We need your schools to respond promptly. If they don’t confirm your status, we cannot release the funds. You must play a role in ensuring your institutions fulfill their responsibilities.
“This is your opportunity. We are the youth, and we are here to support you. This loan is about removing financial barriers so you can focus on your education.
“There is no interest, no guarantor, and no harassment, only a commitment to learning,” he stated.
Mustapha explained that the NELFUND scheme was developed to address dropout rates linked to financial hardship.
According to him, it provides Nigerian students with access to loans that cover institutional charges and include a monthly upkeep allowance.
He emphasised that any student enrolled in a recognised tertiary institution in Nigeria is eligible, regardless of background or geographical location.
“There is no reason for anyone to drop out of school,” he added.
Addressing concerns about loan repayment, Mustapha assured students that repayment would only commence two years after completing the National Youth Service Corps (NYSC), and only if the graduate is employed.
“In the event of death or a medically verified permanent disability, the loan would be written off.
“No one is pursuing you. This is your loan, your government, and your repayment supports the next generation,” he said.
He also advised students who had received upkeep allowances without corresponding institutional fee payments to approach their institutions, noting that upkeep funds cannot be disbursed unless institutional charges are settled.
“One of the issues we have identified is that some institutions are failing to notify students when payments have been made.
“Anyone who has received upkeep should understand that their institutional charges have already been paid to their institution,” he clarified.
The President of the National Association of Nigerian Students (NANS), Olushola Oladoja, warned institutions and individuals allegedly undermining the federal government’s student loan scheme.
Speaking on the allegations of sabotage by some institutions, Oladoja revealed that the association had set up a five-member investigative committee to examine growing concerns about loan disbursement and accountability.
According to him, NANS took swift action following intelligence from the National Orientation Agency (NOA), which reported irregularities in how some institutions handled student loan payments.
“We received information indicating that there are issues within NELFUND, including cases where the Fund claims to have paid institutions, but the schools failed to notify the students.
“This cannot be allowed to persist. Our committee will engage directly with NELFUND, visit the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to verify findings, and get to the root of the matter,” he stated.
Also speaking, Umar Lawal, a final-year student of Bayero University, Kano, commended President Bola Tinubu’s administration for delivering on its promise of a student loan scheme aimed at transforming tertiary education in Nigeria.
While expressing appreciation for the initiative, Lawal also raised concerns about the lack of transparency and accountability in some tertiary institutions, saying it must be addressed.
