How we plan to sustain students loan beyond Tinubu – Sawyerr, NELFUND Boss

The Nigerian Education Loan Fund (NELFUND) is working tirelessly to ensure the sustainability of its students’ loan scheme beyond the current administration. According to Akintunde Sawyerr, the managing director of NELFUND, who spoke with journalists in Lagos on Monday, the organisation’s strategy is to boost acceptance among Nigerians, making it a program that future governments won’t dare scrap.

Sawyerr’s vision is that if at least one person from almost every family benefits from the loan, more people will rally behind the program, making it a cornerstone of Nigeria’s education system. He drew inspiration from a health scheme in the United Kingdom, which has garnered immense support and influences voting decisions.

“What we are trying to do to ensure sustainability is to make sure as many Nigerians as possible know the benefits,” Sawyerr said. “That is why we are begging people to take the loan. It’s not because we want to make money from them. But because we want everybody to benefit.”

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He noted that with this, positive impacts of the scheme is scene, either in the reduction in crime rate due to improved education or in the general well-being of the people. This way, the scheme will be embedded in the society and nobody will be able to take it apart.

To ensure the loan’s recovery, Sawyer explained that the loans are tied to the National Identification Number, making it easy to track. However, he emphasised that recovery is not the priority at the moment. Instead, the focus is on encouraging more people to take up the loan, excel academically, and share their success stories with others.

Sawyerr expressed confidence that once students complete their education and secure well-paying jobs, they will repay the loan. This approach aligns with NELFUND’s mission to provide financial assistance to students.

President Bola Tinubu during the 2025 Budget presentation at the National Assembly last Wednesday said over N34 billion in student loans to over 300,000 students across Nigeria have been disbursed by the fund.

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In the 2025 proposed budget, the Federal Government proposed an expenditure of N3.5 trillion for the education sector. According to the Budget Office of the Federation, the Federal Government is projecting an Education Tax revenue of N990 billion.