NELFund Takes Student Loan Sensitization To Ekiti, Urges Parents To Encourage Beneficiaries
The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFund), Akintunde Sawyerr, has called on parents to encourage their children to take advantage of the Federal Government’s student loan scheme to further their education.
Mr. Sawyerr made the appeal during a sensitization visit to the Palace of the Oore of Otun Ekiti and Paramount Ruler of Moba Land, Oba Adekunle Adeagbo, where he addressed traditional rulers and residents from the 13 kingdoms in Moba Local Government Area of Ekiti State.
He explained that President Bola Tinubu is committed to removing the financial burden of tertiary education from parents, describing the initiative as a major step toward expanding access to higher education in Nigeria.
“Nigerians are yearning for knowledge and the student loan policy has created access and opportunity to pursue tertiary education,” Sawyerr said. “In the last 24 hours, we have received 12,000 new applications. Since May last year, there have been almost 700,000 beneficiaries and over one million applications it’s unprecedented.”
He commended President Tinubu’s foresight in establishing the scheme, saying it reflects his understanding of the nation’s educational needs and his desire to strengthen Nigeria through knowledge.
The NELFund boss praised Oba Adeagbo for his proactive leadership, noting that the monarch personally initiated the visit to ensure no student in Moba land is left behind.
“As soon as I saw his commitment, it became important to visit immediately. This is the kind of collaboration President Tinubu envisions local leaders taking ownership of national initiatives,” he said.
Mr. Sawyerr urged parents to embrace the scheme, stressing that the student loan’s soft repayment terms are designed to relieve households of the financial pressure of paying school fees, allowing them to invest in other ventures.
Supporting the message, NELFund’s Executive Director of Finance and Administration, Dr. Femi Akinfala, assured parents that once a student gains admission into a public tertiary institution and applies properly, they automatically qualify for the loan.
He explained that the scheme was introduced to make parents “forget the financing of their children’s education in public tertiary institutions, as government will bear the burden through the loan.”
In his remarks, Oba Adeagbo commended the NELFund leadership for its outreach, describing the programme as a life-changing opportunity for the younger generation.
“President Tinubu is working. This student loan is proof of that. Education remains the key to development, and the impact of this scheme will be felt for generations,” the monarch said.
Also speaking, former Ekiti State Commissioner for Youths, Gold Adedayo, lauded President Tinubu for establishing NELFund, describing the initiative as a liberating force for Nigerian youths and a bridge between the rich and poor.
Established in April 2024, NELFund implements the Nigerian Student Loan Scheme, which provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses. The initiative, launched officially in May 2024, aims to eliminate financial barriers to education and support students from low-income families.
According to NELFund data as of November 6, the agency has received 1,035,673 applications and disbursed over ₦116.4 billion in student loans including ₦65.3 billion for institutional fees and ₦51.1 billion for upkeep allowances across 239 universities, polytechnics, and colleges of education nationwide.
Describing the milestone as “a defining moment in Nigeria’s journey toward equitable education financing,” Sawyerr said crossing the one-million mark represents renewed hope for young Nigerians determined to rise above financial barriers.
“It is a testament to visionary leadership, sound policy design, and the collective efforts of all stakeholders driving this transformative agenda,” he said.
