NELFUND Sees Surge in Student Loan Applications, Targets N90bn Disbursement

NELFUND's N90bn Student Loan Push Gains Momentum

“Applications are coming in at an average of over 1,000 per day...”

NELFUND: Empowering Nigerian Youth Through Education Loans - Over 350,000 Applications Received, N10 Billion Disbursed

The Nigerian Education Loan Fund (NELFUND) has made significant strides in supporting students across the country. As of Wednesday, NELFUND has received an impressive 350,000 applications and disbursed over N10 billion in student loans [no specific source]. According to Akintunde Sawyerr, Managing Director/CEO of NELFUND, the organization aims to disburse a total of N90 billion in student loans, demonstrating its commitment to making education more accessible.

During a meeting with the House of Representatives Committee on Student Loans, Scholarships and Higher Education Financing, Sawyerr emphasized that NELFUND's disbursement process is inclusive and non-discriminatory. He highlighted the fund's proactive efforts in engaging with marginalized communities, particularly in the South East region, through multiple sensitization programs. These initiatives have led to a notable surge in applications from these areas.

Highlights:

Applications Received: Over 350,000

Disbursed Amount: N10 billion

Target Disbursement: N90 billion

Inclusive Approach: Non-discriminatory disbursement process

Community Engagement: Proactive outreach to marginalized communities, especially in the South East region

By promoting education accessibility, NELFUND is revolutionizing the landscape of higher education in Nigeria.

“Applications are coming in at an average of over 1,000 per day, and we are making special provisions for students living with disabilities,” he said.

"Moreover, we are focused on addressing the barriers to girl-child education, recognising that denying girls the opportunity for further education is denying the nation a chance to benefit from their incredible leadership potential.

“With 70 percent of our population under the age of 35, failing to provide access to education for this segment exposes Nigeria to a future fraught with instability and violence. This intervention by President Tinubu could not have come at a better time.”

Chairman Gboyega Isiaka emphasized the significance of NELFUND, an agency dedicated to empowering Nigerian youth through education loans, enabling them to unlock their potential and contribute to the nation's growth. NELFUND's vision goes beyond providing financial assistance, aiming to foster a brighter future for the country's next generation.

The committee, however, expressed concerns regarding the management's capacity to effectively oversee the organization, given its immense potential [no specific source]. This concern highlights the need for robust leadership and strategic planning to ensure NELFUND achieves its objectives.

Objectives of NELFUND:

• Provide education loans to deserving Nigerian youth
• Empower youth to realize their potential
• Contribute to the nation's growth and development

Effective management and leadership are crucial to achieving these goals. By addressing the committee's concerns, NELFUND can optimize its impact and create a brighter future for Nigerian youth.

“Therefore, as we progress into proper oversighting of this institution, we are going to be concerned with so many things,” Isiaka said.

“We want, for example, to be able to tell ourselves where will NELFUND be within the next three to five years? How is it going to get there? And what are the issues that we need to address in order for them to get there?”