The Managing Director/Chief Executive of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr urge parents, the Academia, Traditional Rulers and students in the South East zone of Nigeria to key into the interest – free educational loan scheme provided by the Federal Government of Nigeria.
Mr. Sawyerr made this call at the strategic engagement session with key stakeholders held on Thursday at the Old Government Lodge in Enugu
The interactive session aimed at deepening awareness on the student loan and strengthening partnerships for the successful implementation of NELFUND’s initiatives; participants include representatives of tertiary institutions in the zone, traditional rulers, student union
In his speech, Sawyerr disclosed analysis of the students loan applications reveals that Enugu state currently ranks 33rd out of the 36 states of the federation which is worrisome as the state is known for academics.
Encouraging stakeholders to champion the benefits of the free interest education loan, the NELFUND boss explained that beneficiaries are not expected to pay back the loan until two years after their National Youth Service if they are employed.
“It is the company that employs them that pays 10% of their salaries for the loan. If the person loses his or her job, the payment of 10% stops;
“If you’re not working, you don’t pay. This loan is not a trap; it’s a tool for empowerment. The application process is fully automated, transparent, and technology-driven, ensuring equity and access without political interference,” Sawyerr explains.
On mode of application, the Managing Director/CEO said eligible students must be enrolled in government-approved institutions listed on the NELFUND portal and the age limit is 18 to 35 years.
Documents required from applicants are JAMB registration number, admission letter, National Identification Number (NIN), and verified contact details.
Sawyerr further explains; “when an application is made through the NELFUND portal, NELFUND verifies through the Institution of the students’ status, and then pays the Tuition fees directly to the school. When payment is made, the institution notifies the students. The upkeep allowance is set aside and N20,000 monthly allowances is paid to the students.”
Speaking at the interactive session, the Enugu State Governor Dr. Peter Ndubuisi Mbah, represented by his Special Adviser on Digital Economy and SMEs and Director General of the Enugu SME Centre, Arinze Chilo-Offiah, acknowledged the low enrolment rate of the Enugu people in the Federal government scheme.
Chilo-Offiah however expressed optimism of a turn around after the program. He said, “Over 30 institutions are represented here today. This is the first step toward full integration with the NELFUND digital system. This is about building a skilled and employable youth population.”
In his remarks, Chairman of the Enugu State Council of Traditional Rulers, Igwe Samuel Asadu, commends the Federal Governments and calls on the South-East zone to embrace the scheme.
Igwe Asadu further reveals, “Our Governor has allocated 33% of the state’s budget to education. That shows how much of a priority it is to him. We are also aligned with President Tinubu’s Renewed Hope Agenda; this programme is a game-changer.”
“These loans are part of our national cake. We are entitled to them and must take advantage of the opportunity,” Igwe asserted.
Igwe further appealed to the Federal Government to consider establishing a sub-regional NELFUND office in Enugu for easy access.
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