The Nigerian President Tinubu Launches Students Loan. It is approved for the disbursement of loans to successful applicants
Following a mild amendment to the Student Loan Scheme, the Federal Government has effectively commenced the programme.
President Bola Tinubu on Wednesday launched the Nigerian Education Loan Fund (NELFund) in the council chamber of State House.
In attendance at the inauguration is the leadership of the National Assembly, the Secretary to the Government of the Federation, some ministers, heads of agencies, and members of the board and management team of the Nigerian Education Loan Fund led by the board chairman, Jim Ovia.
After launching the portal, President Tinubu handed out symbolic cheques to students and some institutions.
The MD/CEO of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, said the portal has received over 110, 000 loan applications so far.
This is coming a few weeks after President Tinubu approved ₦35 billion for the scheme’s take-off, targeting 70,000 initial applicants.
Jim Ovia who was appointed by Tinubu to Chair the Governing Board of NELFund had approved the disbursement of loans to successful applicants during its inaugural meeting in Abuja last month.
The student loan scheme seeks to provide financial support, including school fees and stipends, to eligible students nationwide.
Over 1.2 million students are expected to benefit from the first phase of the programme.
The president, who launched the digital NELFUND disbursement exercise at the State House on Wednesday, said the provision of loans to students will encourage more people to seek knowledge, go for higher education, and become valuable contributors to national development.
“As I earlier said, my belief is that education is the greatest weapon against poverty. Without education, there is no vision; without education, there will be no development; without education, you cannot successfully conquer poverty, insecurity, and abuse in society.
“Education is that light at the end of the tunnel, and no matter how sluggish it moves, it will give you light and the hope you need. We are investing in it. We do not want to try ignorance as an alternative. We want education from the foundation to the topmost level.
“I am glad we are achieving it with NELFUND and that the leadership has accepted this responsibility, and they are working hard,’’ the president said.
He, the president, further expressed his determination to ensure the success of the Fund and the fulfilment of the dream of higher education by indigent Nigerian students.
Read here: How The Student Loan Works; Questions and Answers About It
“The tool is available, and the hope is here; genuine, and the commitment to inclusiveness is what democracy is all about. I am fulfilling one of my greatest promises of the campaign. We are building an inclusive society. You can find many ways around any opportunity, but you cannot find a way if you are not well-educated,’’ President Tinubu stated.
The President emphasised that education is an essential antidote to some of the challenges faced by the nation.
“We cannot even fight terrorism and banditry unless there is inclusiveness, and our people are properly educated and can invest in their own lives. I promise that we will hand a banner without stain to our children. Therefore, it is my honour to launch the portal,’’ the president said.
In his remarks, the Chairman of NELFUND thanked the president for the privilege to serve the nation.
“I am grateful for the opportunity to be here today for Mr. President to formally launch the Nigerian Education Loan Fund (NELFUND). Mr. President, I would like to make reference to the United Nations’ Sustainable Development Goals, of which education is number four.
“The president has recognised that; hence, he inaugurated and also signed into law in February the NELFUND. We are all grateful for Mr. President’s time for inaugurating and also sanctioning the activities of NELFUND,’’ Mr. Ovia said.
The managing director of NELFUND affirmed that there were enough funds to meet the initial requests of students across the country.
“Your Excellency, at this stage, we have more than enough funding. When we start to promote properly, we might need more, but right now, we can disburse to any single person who has applied,’’ he said.
Mr. Sawyerr said the portal was opened on 25 May and had so far received 110,000 applications, with more than 164,000 visits; noting that the applications have been increasing daily.
“Clearly, what we want to ensure is that there is equity in the distribution of the loans across the six geo-political zones. So, we are having to look very closely at the data we are receiving to ensure that we are doing the right things and pushing the right buttons to ensure that those who need these funds get them, and that it is seen to be fair and equitable,” Mr. Sawyerr added.
President Tinubu presented cheques to some of the students and institutions that had already been processed by NELFUND.
Students are to receive stipends for their upkeep, while tuition goes directly to the institutions.
By – Ajuri Ngelale (Special Adviser to the Presidenton Media & Publicity), July 17, 2024