President Bola Tinubu says the Nigerian Education Loan Fund (NELFUND) will thrive on fairness and equity and promote inclusiveness by removing the financial barrier to higher education for Nigerian students.
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.
This was made known in a press statement signed by the president’s spokesman, Chief Ajuri Ngelale.
He said “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.
President Tinubu commended the Chairman of the Fund, Mr. Jim Ovia, and the Managing Director, Mr. Akintunde Sawyerr, for their efforts in driving the critical agency.
The President expressed his determination to ensure the success of the Fund and the fulfilment of the dream of higher education by indigent Nigerian students.
“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 emphasized 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 recognized 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 the Nigerian Education Loan Fund 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 Nigerian Education Loan Fund portal was opened on May 25, 2024, 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 the Nigerian Education Loan Fund. Students are to receive stipends for their upkeep, while tuition goes directly to the institutions.