The Chairman of the Committee on Nigerian Education Loan Fund (NELFUND), Mr. Gboyega Isiaka, says NELFUND was a very critical agency created not only to provide loans, but to create a future where every Nigerian youth has the opportunity to realise their potentials and contribute to the nation’s growth.
He said this during a meeting of the House of Representatives Committee on Student Loans, Scholarships and Higher Education Financing, in Abuja.
He said the Committee was concerned about the ability of the management to manage the enterprise, which has so much potential.
“Therefore, as we progress into proper oversighting of this institution, we are going to be concerned with so many things. We want, for example, to be able to tell ourselves where will NELFUND be within the next three to five years? How is it going to get there? And what are the issues that we need to address in order for them to get there?” he said.
He said the Committee was committed to ensuring accountability and transparency of the Fund.
“We as a committee, we have decided to work, and of course working in conjunction with the directive given to us by the Speaker and the leadership of the House, to work with the executive and the management and board of this company to ensure that the reasons for the setting up are achieved.
“But we also expect that we will work very well within the confines of the law and ensure that all the aspirations and the expectations of the people of Nigeria, particularly the youth, are met.” He said.
Not discriminatory
The Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr says the scheme was not discriminatory.
Mr. Sawyerr said that it was inclusive and ensures that every Nigerian, regardless of location or background, has access to the education they deserve.
He said they have also been proactive in reaching out to segments of the nation that feel left behind- particularly the South East.
The NELFUND boss said that they have made significant progress in engaging these communities, with multiple rounds of sensitization in the region, resulting in a surge in applications.
350,000 Applications
He said so far, the Fund has received over 350,000 applications and disbursed over N10 billion, with a commitment to disbursing N90 billion in tuition fees and stipends.
He said: “Applications are coming in at an average of over 1,000 per day, and we are making special provisions for students living with disabilities. Moreover, we are focused on addressing the barriers to girl-child education, recognizing that denying girls the opportunity for further education is denying the nation a chance to benefit from their incredible leadership potential.
“With 70% of our population under the age of 35, failing to provide access to education for this segment exposes Nigeria to a future fraught with instability and violence. This intervention by President Tinubu could not have come at a better time.”
He said the Fund is an institution designed to bring succour to the common man, especially in these challenging economic times, in line with the Renewed Hope Agenda of President Bola Tinubu.
Mr. Sawyerr also pointed out that it was not just a palliative for immediate relief but a long-term solution aimed at fostering stability and growth in a large and diverse nation like Nigeria.
“This administration, under President Bola Ahmed Tinubu, has introduced many brilliant policies, and the student loan initiative is one that hits closest to home. It is reaching every corner of the nation-East, West, North, and South.
“This policy is not discriminatory; it is inclusive, ensuring that every Nigerian, regardless of location or background, has access to the education they deserve.
“It is akin to monumental policies such as the free education program of Chief Obafemi Awolowo, the establishment of the National Youth Service Corps (NYSC) by Gen Yakubu Gowon, and the creation of federal universities.
“These policies have shaped Nigeria’s development, and the student loan initiative is equally progressive, representing an investment in our nation’s future.
“We have also been proactive in reaching out to segments of the nation that feel left behind- particularly the South East. I am pleased to report that my team and I have made significant progress in engaging these communities, with multiple rounds of sensitisation in the region, resulting in a surge in applications,” he said
He further said the Fund is committed to working closely and harmoniously with the committee.
Peaceful collaboration
Mr. Sawyerr also said it is only through cooperation and peaceful collaboration can they achieve the best possible outcomes for Nigeria and its students.
“In this regard, NELFUND will also be working closely with the National Assembly in the area of sensitization, recognising that you are closest to the people and best positioned to reach your constituents.
“A comprehensive work plan will be developed to guide our efforts, ensuring that we engage effectively at all levels to make certain that no student is left behind.
“One of the steps we have taken to strengthen our partnership is the upcoming retreat for the joint committee in the first week of November. This retreat will provide us with the opportunity to interface and sensitize lawmakers on our activities and objectives.
“It will also allow us to gain a deeper understanding of the workings of the National Assembly and the peculiar needs of various constituencies across the country. This collaboration is crucial in shaping a student loan system that truly serves the interests of all Nigerians.
He said as they continue to work together, let us remember that our collective goal is the good of Nigeria and its youth. By ensuring that education remains accessible and equitable, we are not only securing the future of millions of young Nigerians, but we are also building a stronger, more prosperous nation.
Lateefah Ibrahim
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