NELFUND urges students to take ownership of FG’s interest-free loan

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr, has urged student leaders across various tertiary institutions to take full ownership of the interest-free education loan scheme.

He made this call on Thursday during Day 4 of the Stakeholders’ Engagement Session and Technical Workshop, which brought together Students’ Union Presidents from tertiary institutions and officials of the National Association of Nigerian Students (NANS) in Abuja.

Mr Sawyerr reaffirmed NELFUND’s commitment to eliminating financial barriers and creating opportunities for all Nigerian students to thrive, regardless of their background.

He, therefore, called on students to collaborate with the agency to maximise the positive impact of the scheme.

“To make this work, we need you—your voice, your leadership, your engagement on campus. Help us raise awareness, refine our processes, and ensure that this scheme reaches every student it was designed to serve,” he said.

Speaking further, the NELFUND MD noted that the initiative aligns strongly with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises inclusion, empowerment, and a renewed national commitment to education.

Also speaking at the event, the Executive Director of Operations at NELFUND, Mr Iyal Mustapha, warned institutions against delays in verifying students’ applications.

According to him, once applications are verified, they are sent to institutions for confirmation—a step that has sometimes delayed disbursement due to slow responses from certain schools.

“We need your schools to respond quickly. If they don’t confirm your status, we can’t release the funds.

“You must be involved in ensuring your institutions do the right thing.

“This is your opportunity. We are the youth, and we are here to support you. This loan is about removing barriers so you can focus on your education.

“There is no interest, no guarantor, and no harassment—just a commitment to learning,” he said.

He explained that the loan scheme was designed to address dropout rates due to financial hardship by providing Nigerian students with access to loans that cover institutional fees and monthly upkeep.

“There is no reason for anyone to drop out of school,” he emphasised.

He also addressed concerns about loan repayment, assuring students that repayment would only commence two years after completing the National Youth Service Corps (NYSC), and only if the graduate is gainfully employed.

In cases of death or verified permanent disability, he stated that the loan would be written off.

“No one is chasing you. This is your loan. This is your government. And your repayment helps the next generation,” he said.

He advised students who had received upkeep payments without institutional fees being paid to approach their institutions, clarifying that upkeep cannot be disbursed unless institutional charges are settled.

“One of the things we discovered is that some institutions are not notifying students of payments.

“Anyone who has received upkeep should know that their institutional charges have already been paid to their school,” he explained.

Also speaking, the President of the National Association of Nigerian Students (NANS), Olushola Oladoja, issued a warning to institutions and individuals allegedly sabotaging the federal government’s student loan scheme.

Oladoja, responding to allegations of sabotage by institutions, revealed that the association has set up a five-member investigative committee to probe growing concerns surrounding disbursement and accountability of the loan funds.

He described the meeting as “crucial and timely” amid increasing challenges within the loan application and disbursement process.

“We received information about issues within NELFUND—cases where the Fund claims to have paid institutions, but schools failed to notify the students.

“This cannot be allowed to continue. Our committee will engage NELFUND directly, visit the Independent Corrupt Practices Commission (ICPC) to verify their findings, and get to the bottom of this,” he said.

Also in attendance, Umar Lawal, a final-year student of Bayero University, Kano, praised President Bola Tinubu’s administration for fulfilling its promise to implement a student loan scheme aimed at transforming tertiary education in Nigeria.

While expressing deep appreciation for the initiative, Lawal also raised serious concerns about transparency and accountability within some tertiary institutions, which he said must be addressed.

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