…Says N32b available for disbursement
The National Education Loan Fund, NELFund formerly took off on Wednesday, with the disbursement of the first tranche of funds to successful applicants, by President Bola Tinubu, amidst high level skepticisms, especially amongst states from southern part of Nigeria.
Akintunde Sawyerr, Managing Director of the NELFund, speaking with State House Journalists, after the Presidential disbursement, said paucity of data for determining credit search, is hampering its ability to determine who is an indigent applicant
He revealed that the NELfund portal has a total number of 164,000 students registered for the loan while 103,000 of them applied.
According to him, ” a total sum of N32 billion is currently available for disbursement to kick start the program.
Read also: How to create account, complete profile, as students loan portal goes live
He said the aim of NELFUND is to empower Nigerian youth by providing fair transparent funding and removing financial barriers to educational opportunities and academic pursuits.
He also revealed that more applicants from northern part of Nigeria top the number of beneficiaries, as most states in the South parts are still skeptical, as they doubt whether it will take off or not.
He stated that the system current lack data for arriving at who indigent students are, as well as credit search, but noted that NELFund rely on applicants bank verification number BVN, National Identification Number NIN amongst others and back end data of educational institutions to determine who are successful applicants
Speaking further on criteria for selecting beneficiaries, Sawyerr stated that while the education funds are disbursed directly to institutions, upkeep loans goes to qualified students.
“We pay education loans directly to the students’ institutions, while the upkeep loans go directly to the students, if they are successful,” he said.
“Focus is on government owned institutions for now. You can’t get the stipend unless you have the loan.
“The Fund got key ammendments of loan act on 3rd April, 2024, secured dashboard metrics on may 25th May till date as well as the Prssidial disbursement of funds on 17th July,2024.
” Students applied for two types of loan, one is educational fees which is sent directly to institutions and the other is the student application for upkeep loan, which is the loan that covers monthly stipend.
“Institutions collected cheque for multiple applications also students cannot get stipend unless the fees are been picked by NELFUND.”
President Tinubu, while flagging off the distribution of the loans, described education as a ” vital tool in combating poverty and achieving national development.
The President also linked the current level of insecurity in parts of the country to neglect of the education sector, even as he noted that education raina an instrument for conquering insecurity, poverty and disease.
“Education provides the light at the end of the tunnel, no matter how slow the progress may seem.
He said the target of his administration is to build a fair society that is built on successful inclusiveness.
“What I believe is that education is the greatest weapon against poverty in any society, without education there is no vision, there is development, you cannot successfully conquer insecurity.
“Education is that light at the end of the tunnel no matter how sluggish you move, it will give you the light and the hope”.
“We are investing, we don’t want to try ignorance as alternative, we want education from foundations to the topmost level and I am glad that leadership and its leadership accepted the responsibility.
“There is available here the hope and the genuine and commitment, inclusiveness is what democracy is all about.
“Today I am fufilling one of my greatest campaign agenda,You cannot find your way if you are not well educated, you cannot even fight terrorism and banditry.
“If we have successful inclusive and loan that is necessary for our people to get educated and invest in their own lives we would have built a fair society and a promise that we will earn a banner without stain to our children.”
The President also symbolically presented loan cheques to students from each geo-political zones, indicating the beginning of the disbursement of the fund to qualified Nigerian students.
President Tinubu also presented cheques to Vice Chancellors of Bayero University, Kano (BUK), Federal University of Technology, Owerri (FUTO), amongst other institutions present.
The event was witnessed by GodsWill Akpabio, President, Tajudeen Abbas, Speaker of House of Representatives, Jim Ovia, Chairman NELFUND Board, Wale Edun, Minister of Finance,
Others are Atiku Bagudu, Minister of Budget& Economic Planning, Mamman Tahir, Minister of of Education, Jamila Bio, Minister of Youths, Zacc Adedeji, FIRS Chairman and Olayemi Cardoso CBN Governor.
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