Contrary to public assumptions that beneficiaries of the government student loan would be restricted from seeking opportunities abroad until they make full payment of their loan, the Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has clarified that NELFUND does not impose such limitations.
He stated that recipients of the education loan can explore opportunities abroad even after completing their undergraduate programs.
Mr. Sawyerr made this clarification during a sensitization program held at Edo University Iyamho, on Wednesday. He emphasized that NELFUND does not and will not place travel restrictions on beneficiaries of the initiative.
According to him, the law establishing NELFUND “does not limit” beneficiaries’ ability “to go and look for work wherever you want.”
He advised students who secure student loans and later get job opportunities abroad to ensure they repay their loans, regardless of where they are working.
Addressing a gathering of students and top management of the institution, led by Acting Vice-Chancellor Prof. Dawood Egbefo, Sawyerr stated, “NELFUND is different from all other types of loans. It is the only loan you can take to acquire something that can never be taken away from you.”
N135 Billion Ready for Disbursement
In February, Sawyerr told journalists in Abuja that the 2023/2024 application window closed on February 21, while applications for the 2024/2025 academic session opened on February 22. He revealed that the student loan agency has N135 billion in liquidity ready for disbursement.
According to him, the agency has received approximately 520,000 registrations and 419,000 applications, while payments have been made to 261,000 students since the initiative’s commencement. He stated, “If we were to pay everyone who has applied, it would amount to approximately N135 billion.”
Speaking during the sensitization program, Acting Vice-Chancellor Prof. Egbefo commended President Bola Tinubu for fulfilling his promise through the initiative.
The Acting VC disclosed that N61.4 million was disbursed to 51 students of Edo University during the 2023/2024 academic session. He pledged to do everything within his capacity to support the institution’s undergraduates in ensuring a seamless application process.
Since the initiative began in 2024, the MD of NELFUND and his team have been touring the country to sensitize students and stakeholders across Nigeria.
Join EdubaseNG WhatsApp Channel to get the latest education & student loan tips
Join our Telegram Channel to get the latest news about Student Loans & Education News.
Are you a stakeholder in education? You can become our guest writer. Write to us using our our email address here
