The Nigerian Education Loan Fund (NELFUND) has reassured students that those who benefit from the student loan scheme will not face restrictions on international travel after graduation.
During a sensitization session at Edo University, Iyamho, on Wednesday, NELFUND’s Managing Director, Akintunde Sawyerr, addressed concerns regarding potential limitations on beneficiaries’ mobility.
“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,” Sawyerr stated.
He advised, however, that those who secure employment abroad should take responsibility for repaying their loans.
Sawyerr encouraged students to take advantage of the scheme, highlighting its interest-free repayment structure, which allows beneficiaries to spread payments over a decade.
“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 explained.
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Providing an update on disbursements, he disclosed that the Fund had received approximately 520,000 registrations and 419,000 applications, with 261,000 students already receiving payments for both upkeep and institutional fees. If all applications are processed, NELFUND is prepared to disburse a total of N135 billion.
Edo State’s Commissioner for Education, Dr. Paddy Iyamu, affirmed the government’s commitment to ensuring students across the state fully utilize the loan 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,” he said.
At Edo University, Acting Vice Chancellor Professor Dawood Egbefo commended the initiative, noting that 51 students from the institution had already benefited from N61.4 million in funding for the 2023/2024 academic session.
Meanwhile, at Ambrose Alli University, Ekpoma, NELFUND raised concerns over low participation, with only 102 students applying for the loan, amounting to less than N20 million in total.
The Fund’s Director of Loan Allocation and Distribution, Lami Suwaid, encouraged the university to take advantage of the ongoing registration cycle to increase student participation.
Representing the Acting Vice Chancellor of AAU, Professor Sunday Olowo Samuel, the university’s Director of Academic Planning, Professor Eunice Omoregie, assured that efforts were underway to raise awareness about the scheme.
“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.
The event in Ekpoma also drew participation from students of Edo College of Education, Igueben.
