The Nigerian Education Loan Fund (NELFUND) management has raised concerns regarding the doubt expressed by students from the Southern region about the authenticity of the student loan program.
NELFUND's Managing Director, Akintunde Sawyerr, disclosed
that data has shown a higher number of loan applicants from the Northern
region, attributing this trend to the scepticism prevailing in the Southern
region. Mr. Sawyerr made these remarks in response to a journalist's question
during a recent media interaction.
The loan scheme's application process was divided into two
phases, with the first phase open to students from federal government-owned
tertiary institutions and the second phase for students from state-owned
tertiary institutions, including universities, polytechnics, colleges of
education, and mono-technics. While the exact statistics of the applications
received by NELFUND are yet to be released, it is known that over 100,000
students have applied for the loan.
Nevertheless, Mr. Sawyerr pointed out that more applications
have been received from Northern students compared to their Southern
counterparts. He mentioned that institutions in the northern part of the
country have been actively supporting their students and providing necessary
data to NELFUND.
Mr. Sawyerr also acknowledged the higher level of scepticism
among students in the south but expressed confidence that this would diminish
once the Fund starts disbursing the loans.
Mr. Sawyerr, however, observed an increasing awareness and
interest nationwide.
He said: “I think the most sceptical part of the country is
in the south, you know, they question everything. Is it true? Is it real? Is it
a scam? And I think you know, what you witnessed today with us actually just
starting this disbursement programme is to say that this is no fun. This is no
fun. Right? And we’re trying to ensure that people know that this is not a
trick. It’s not a game.”
He further stated that NELFUND has the Fund available for
disbursement to the successful applicants.
“The scepticism that you find mainly in the southern parts
begins to disappear when we start paying out in terms of the three levels of
institutions,” he added.
Mr. Sawyer reported that the universities received the
highest number of applications, followed by the polytechnics and colleges of
education.
Additionally, he clarified that applicants have the option
to apply for a loan to cover their tuition fees, along with a separate loan for
living expenses, or they can choose to apply solely for the tuition fees loan.
“So you can’t get a stipend unless your fees are being paid
and you’re going to an institution, but you can get the fees paid and decline
the loan for the stipend,” he said.
The Scheme
The Student Loan Scheme is a flagship project of President
Bola Tinubu in the education sector.
Shortly after assuming office, Mr. Tinubu enacted the Access
to Higher Education Act, establishing a legal framework for providing loans to
financially disadvantaged Nigerians to cover tuition costs at Nigerian tertiary
institutions.
The revised law, enacted earlier this year, established the
Nigerian Education Loan Fund (NELFUND). NELFUND is responsible for managing all
loan applications, grants, disbursements, and recoveries.
According to the Act, the Fund will receive funding from
various sources and engage in productive activities.
Additional funding sources include donations, gifts, grants,
endowments, and any other revenue accruing to the fund, as specified in the
Act.