Student Loan Won’t Stop Graduates from Travelling Abroad – NELFUND
The Nigerian Education Loan Fund (NELFUND) has reassured students that beneficiaries of the student loan scheme will not be barred from travelling abroad after graduation.
Speaking at a sensitisation event at Edo State University, Iyamho, on Wednesday, NELFUND Managing Director and Chief Executive, Akintunde Sawyerr, addressed concerns about potential travel restrictions.
“The law that sets up the Nigerian Education Loan Fund does not limit your ability to go and look for work wherever you want. You are not tied. It doesn’t say you cannot leave Nigeria because you have a loan with us. You can go wherever you want to go in the world. It is not possible for you to say that I can’t travel around the world.
“However, I think the right and proper thing to do, if you have a loan in Nigeria and you want to get a job somewhere else, is to pay the loan yourself back to your country,” he said.
He urged students to take advantage of the scheme, highlighting its unique benefits and ease of repayment.
“I want you to embrace it and I want you to act upon it because, if you miss this opportunity, it’s one that will affect generations… You know why? Because 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,” he added.
According to Sawyerr, the scheme features an interest-free repayment structure, even if payments extend over a decade.
He also revealed that NELFUND is ready to disburse N135 billion if all submitted applications are processed.
“We have received about 520,000 registrations and about 419,000 applications. We have processed and paid 261,000 students. Both upkeep and institutional fees. Our total exposure today, if we were to pay everybody that has applied, is somewhere in the region of N135 billion. But we have not processed all those people. We have got the money and we are ready in case all of them get processed. We can disburse N135 billion,” he said.
Edo State Commissioner for Education, Dr Paddy Iyamu, pledged the state government’s support in ensuring students utilise the scheme.
“We want the students of those schools to apply so that they can benefit from this programme because it is highly laudable and it is going to be highly beneficial to them. We are going to be telling all the heads of the tertiary institution with a constant reminder.
“Now they have heard from the national, so it is now left for us, back home, to drive home the point. And continuously we shall pass on the message to each and every student in the district so that they can apply and benefit from this programme,” he said.
Acting Vice Chancellor of Edo University, Professor Dawood Egbefo, commended the initiative, revealing that 51 students from the institution had already received N61.4 million in funding during the 2023/2024 academic session.
At Ambrose Alli University, Ekpoma, NELFUND noted low participation, with only 102 students applying for loans, amounting to less than N20 million.
The Director of Loan Allocation and Distribution, Lami Suwaid, encouraged the university to take advantage of the new registration cycle to boost applications.
Acting Vice Chancellor of AAU, Professor Sunday Olowo Samuel, represented by the Director of Academic Planning, Professor Eunice Omoregie, reaffirmed the university’s commitment to increasing awareness and participation.
“The programme is designed to educate and sensitise our students on the various initiatives and programmes offered by NELFUND. The goal is to equip you with the knowledge and skills necessary to take advantage of the opportunities and make informed decisions about your future,” Omoregie said.
Students from Edo College of Education, Igueben, were also in attendance at the Ekpoma event.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
