Student Loan: Northern Institutions Leading In Applications – NELFUND

Managing Director, Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has disclosed that the fund has received more loan applications from institutions in the northern part of the country than in the south.

Addressing State House Reporters after the Launch of NELFUND by President Bola Tinubu on Wednesday, Sawyerr attributed the demand from northern institutions to their proactive approach and effective networking among the students.

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Sawyerr who disclosed that the disbursement programme is fully backed by President Tinubu, noted that there is however growing awareness and interest in the southern regions, despite initial skepticism about the legitimacy of the programme.

Sawyerr said, “I can say to you that institutions in the north of the country have been very proactive at supporting and helping their students and in providing their data to us. So, that’s where the leaning is currently, but that’s to be expected because they seem to be very well organized in terms of networking in the northern part of the country.

“In the southern part of the country, there’s growing awareness and there’s growing interest. I think there’s been a lot of skepticism, generally and I think the most skeptical parts of the country is in the south, the question everything; is it true? Is it real? Is it a scam? and I think what you witnessed today with us actually starting this disbursement programme is to say that ‘this is not NO FUND, this is NELFUND’.

“We’re trying to ensure that people know that this is not a trick, it’s not a game. Mr. President has backed this with cash and we’re going to disburse that cash. So I think we’ll see the skepticism that you can find mainly in the southern part begin to disappear when we start paying out”, he said.

According to him, Universities have the highest demands for loans, followed by polytechnics and teacher training colleges, a trend expected to continue.

“In terms of the three levels of institutions, the universities are the ones with the highest demand for the loans, then I think it’s followed by the polytechnics and then the teacher training colleges and I think it’s probably going to remain that way, the bias is going to remain that way”, Sawyerr explained.

Sawyerr affirmed that the loan scheme will have positive impact on many lives in the country, saying “it’s a great privilege, great honour to be able to be part of a programme that will change so many lives over so long a period into the future.

“The effect of providing this opportunity for the most needy Nigerians, most capable Nigerians in many ways, and the people who probably will look after us, or whose decisions will impact on us in our old age cannot be underestimated.
These are the most important people in the country that we’re trying to affect.

“So, I want to give all the praise and all the recognition to the president. His Excellency Bola Ahmed Tinubu, for having the vision and the courage to do what he has just done. And I’m sure you’ve all heard that fortune favours the brave and this courageous move will bring fortune not just to him, but to the entire nation”, he said.

Also speaking, the national president of the National Association of Nigerian Students (NANS), Lucky Emonefe, said the scheme is a new dawn for the country and the students were happy to embrace it.

He affirmed that it is accessible to all students irrespective of their background.