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Tag: NELFUND

  • No discrimination in Student Loan disbursement, says NELFUND boss Sawyerr

    No discrimination in Student Loan disbursement, says NELFUND boss Sawyerr

    The Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has said the scheme does not discriminate against any beneficiary.

    Sawyerr spoke at a maiden meeting with the House of Representatives Committee on Student Loans, Scholarships and Higher Education Financing at the National Assembly Complex yesterday in Abuja.

    “This administration, under President Bola Ahmed Tinubu, has introduced many brilliant policies, and the student loan initiative is the 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 programme of Chief Obafemi Awolowo, the establishment of the National Youth Service Corps (NYSC) by General 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.

    Read Also:30 percent of TETFUND allocation to support NELFUND – FG

    “We have also been proactive in reaching out to segments of the nation that feel left behind – particularly the Southeast. I am pleased to report that my team and I have made significant progress in engaging these communities, with multiple rounds of sensitization in the region, resulting in a surge in applications,” he said.

    Sawyerr said NELFUND had received over 350,000 applications and disbursed over N10 billion with a commitment to disbursing N90 billion in tuition fees and stipends.

    He added: “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, recognising that denying girls the opportunity for further education is denying the nation a chance to benefit from their incredible leadership potential.”

  • Student loan: NELFUND offers additional N92b

    Student loan: NELFUND offers additional N92b

    • Fund’s portal firmly secured, says Sawyerr

    The Managing Director of Nigeria Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, has said the fund is set to disburse another tranche of N92 billion to deserving students across public tertiary institutions.

    He said the student loan scheme was established to serve public tertiary institutions to enable the country make the most of its limited resources.

    The NELFUND boss hinted that the scheme could be expanded to accommodate private institutions in the future.

    Sawyerr spoke yesterday on an Arise TV programme where he discussed repayment clauses, the application process, and fee disbursement of the loan scheme.

    He said NELFUND had paid N10 billion to 90,970 people, committing to disbursing N92 billion ahead of sessions to begin in a few weeks.

    Read Also: Southeast states littered with abandoned projects

    The managing director said his meetings with the Presidency centred on the prospects of making the student loan scheme available to all institutions.

    He explained that the loan was established primarily to assist most vulnerable students who cannot afford to pay for tertiary education.

    “We’re more likely to find these in public institutions where fees are low. We’re dealing with public funds. The funds are limited.

    “When I spoke with the President, he expressed his desire that the fund should be available to all Nigerians. But you have to manage funds and start somewhere. I do not doubt that at some point in the future, it will be expanded.

    “The fee range we pay out goes from about N46,000 to N150,000, depending on the course. These are the amounts of money stopping people from progressing into tertiary institutions. In private institutions, it will probably run into millions.

    “We’re focused on trying to help as many as possible, rather than a few. We have to manage funds,” Sawyerr said.

    NELFUND said 10 per cent of an applicant’s earning is to be deducted by an employer and remitted until the loan is fully refunded.

    Sawyerr said 373,000 students had registered on the fund’s portal and 284,000 sought the loan, with more applications from the North.

    “We noticed that a good number of the people from the South study in the North and have applied. There’s a sort of geographical disparity but not by state of origin. There seems to be a lesser level of enthusiasm in the Southeast, the Southwest, and the Southsouth.

    “There are different cultural attitudes to taking loans. There is no boycotting in this scheme. There might be trust issues but we’re addressing that,” he added.

    Asked about glitches and the complexity of the application process, Sawyerr said NELFUND disallowed human interface to avoid graft.

    “We’re using an electronic process and specific identifiers that make it unique to the individual with the use of JAMB numbers, NIN, BVN, and matriculation numbers. The individual goes online to provide us with that information.

    “We match it with what the institution has provided us and know that we are dealing with an individual. It’s an IT-based system. They’re bound to have challenges but it’s a generally simple portal to engage with. We have support staff that help us cut through issues that arise.

    “This is a public fund. We are not in a hurry to disburse the fund to the wrong people. We’re trying to ensure we are not hacked or defrauded.

    “We recognise that anywhere you have a system like this, you can have people attacking the site, wanting to insert ghost students, and doing identity hijacking. We are very careful to put in place processes that ensure we don’t pay people who sneak into our database,” he said.

  • 30 percent of TETFUND allocation to support NELFUND – FG

    30 percent of TETFUND allocation to support NELFUND – FG

    The Federal Government has announced plans to use 30 percent of the Tertiary Education Trust Fund (TETFUND) allocation to support the Nigerian Education Loan Fund (NELFUND). 

    Special Adviser to the President on Information and Strategy, Bayo Onanuga, made this known while briefing journalists at the State House, Abuja, on various issues, including the Economic Stabilisation Bill.

    According to Onanuga, the amendment to the TETFUND 2011 Act will enable the fund to set aside 30% of its initial allocation from the Federation Account to support NELFUND’s loan disbursement to students. 

    This move is expected to boost the various sources of funding for NELFUND.

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    TETFUND has been instrumental in funding infrastructure projects in public higher institutions, including universities, colleges of education, and polytechnics. 

    Onanuga explained that the allocation will not affect TETFUND’s existing interventions in public tertiary institutions. 

    He noted that TETFUND has visibly improved infrastructure in public universities, colleges of education and polytechnics since its inception.

    “The other one is Tertiary Education Trust Fund amendment bill 2024, why is important is that it has an element there that affect the Nigerian Education Fund. Of us have been wondering how we are going to fund the NELFUND, the government has an answer, most of the funding will come from the money going to Tetfund. 

    “So there is an amendment to the TETFUND 2011 Act, that now says the fund shall fund disbursement of NELFUND, this means that TETFUND before it disburses the amount in its fund, it shall set aside initial one third of the amount to be transferred to the NELFund, that is 30% of whatever TETFUND gets from the Federation Acct will now be passed on to readymade source of fund to NELFund. 

    “Then as to the TETFUND problem, well, I did know TETFUND has been doing alot of work helping universities, not just on university education, even colleges of education, polytechnics and so on. TETFUND has been doing a lot of work well government must have looked at the money accruing to it and must have felt that maybe if you take away 30% of whatever comes to it, it will also help the students who go to all those schools, because that’s what the whole idea is about. 

    “The idea of NELFUND is to make sure that all our children, wherever they may be, are able to go to school, even if their parents are poor, so TETFUND cannot just be building assembly house or laboratories without making sure that even the students who are able to use the facilities are able to use them with the loans from TETFUND”, he said. 

    Senior Special Assistant Digital/New Media, O’tega Ogra, recalled President Tinubu’s speech during the #EndBadGovernance Protest, where he announced plans to use financial realisations from illegal activities to fund the student loan scheme.

    Ogra also disclosed that the Federal Government has waived the requirement for public higher institutions to remit a portion of their internally generated revenue. 

    “Don’t forget that recently the President’s speech during the protests, he also ensure that some money gotten from illegal activities will also be moved to also fund nelfund, and it did that, and used to fund both nelfund”, he said. 

    Acknowledging that public higher institutions need more funds to support the administration of the institutions, O’tega added that the waiver granted to public higher institutions on internally generated revenue by the federal government is to further help them support the system.

     “Also, there’s something else that this government has done. All universities before used to give a portion of the IGR you know, they used to remit it to the federal government. That has been stopped. 

    “So all IGR universities get because you mentioned universities and how they can fund themselves can be used to support the institutions.

    “We know they need a lot more funding. We know the budgetary allocations to education can be improved, but a lot is being done, at least in the interim, to bridge whatever, you know, funding gaps that they have.” Ogra added.

  • 1,068 AEFUNAI students get N193m NELFUND Loan

    1,068 AEFUNAI students get N193m NELFUND Loan

    Alex Ekwueme Federal University, Ndufu Alike in Ikwo local government area in Ebonyi State has acknowledged the receipt of N193, 377,100 for students of the institution under the Nigerian Education Loan Fund(NELFUND) students loan programme.

    The Vice Chancellor of the Institution, Prof Sunday Elom, gave the confirmation in a letter to NELFUND.

     Elom indicated that the amount is for 1,068 students captured in the first batch of the loan for the institution.

    A copy of the letter to NELFUND was shared on the Agency’s social media handles.

    It reads:” I hereby confirm that our University received payment for 1068 students amounting to a a total of ₦193,377,100.00 as first batch disbursement under the students loan programme on 9th September, 2024″.

    Read Also: NELFUND: August payment being processed

    There had been allegations that Southeast students were being excluded in the loan scheme but the disbursement will put to rest such allegations.

    President Bola Tinubu started the students loan fund as part of efforts to cushion the effects of the economic challenges in the country.

    The programme has been hailed as a live saver for students who hitherto had to withdraw from their academic pursuits due to their inability to meet up with payment of their school tuition fees.

  • NELFUND: August payment being processed

    NELFUND: August payment being processed

    The Nigerian Education Loan Fund (NELFUND) has said the N20,000 stipend for beneficiaries of the student loan for August is being processed.

    Its Director of Corporate Communications, Mrs. Oseyemi Oluwatuyi, announced this in a statement yesterday in Abuja.

    Acknowledging that the process may cause some inconvenience, the agency said it was an “essential part of its commitment to maintaining transparency, accountability, and to continue to uphold the integrity of the student loan program”.

    The statement added: “The fund is conducting necessary security checks to protect public funds and ensure that they are properly allocated to the right beneficiaries.

    “While we acknowledge that this process may cause some inconvenience, it is an essential part of our commitment to maintaining transparency, accountability, and to continue to uphold the integrity of the student loan programme.

    “We, therefore, ask for your patience and understanding during this period as we strive to finalise the disbursement with the same level of diligence that has defined our operations thus far.

    Read Also: NELFUND disburses student loans to 40 additional institutions

    “We remain steadfast in our mission to empower students and enhance access to higher education across Nigeria.

    “The fund is working diligently to complete the disbursements as soon as possible.

    “We appreciate the feedback from students and are pleased to see the level of engagement and attentiveness in monitoring the progress of the upkeep disbursements.

    “This level of involvement reinforces the significance of the student loan programme, and we remain dedicated to supporting your educational pursuits, just as we have with previous disbursements.”

  • Stipend: August payment being processed – NELFUND

    Stipend: August payment being processed – NELFUND

    The Nigerian Education Loan Fund (NELFUND) has said the N20,000 stipend for beneficiaries of the student loan for August is being processed.

    The agency said it was “conducting necessary security checks to protect public funds and ensure that they are allocated to the right beneficiaries.”

    The director of Corporate Communications Nigerian Education Loan Fund (NELFUND), Mrs. Oseyemi Oluwatuyi said this in a statement on Thursday, September 12.

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    While acknowledging that the process may cause some inconvenience, the agency said it was an “essential part of its commitment to maintaining transparency, accountability, and to continue to uphold the integrity of the student loan program.”

    The statement said: “The Fund is conducting necessary security checks to protect public funds and ensure that they are properly allocated to the right beneficiaries.

    “While we acknowledge that this process may cause some inconvenience, it is an essential part of our commitment to maintaining transparency, and accountability, and to continue to uphold the integrity of the student loan programme.

    “We therefore ask for your patience and understanding during this period, as we strive to finalise the disbursement with the same level of diligence that has defined our operations thus far.

    “We remain steadfast in our mission to empower students and enhance access to higher education across Nigeria.

    “The fund is working diligently to complete the disbursements as soon as possible.

    “We appreciate the feedback from students and are pleased to see the level of engagement and attentiveness in monitoring the progress of the upkeep disbursements.

    “This level of involvement reinforces the significance of the student loan program, and we remain dedicated to supporting your educational pursuits, just as we have with previous disbursements.”

  • NELFUND disburses student loans to 40 additional institutions

    NELFUND disburses student loans to 40 additional institutions

    • SAN returns N2m to agency

    The Nigerian Education Loan Fund (NELFUND) said on Friday that it has successfully disbursed loans to students from 40 additional tertiary institutions, bringing the total of benefiting institutions to 59.

    NELFund disclosed the additional disbursement of student loan in a statement posted on its X platform on Friday.

    The organisation said the expansion marked a significant milestone in its commitment to providing access to quality education for all Nigerian students, regardless of their financial circumstances.

    Managing Director of NELFund, Mr. Akintunde Sawyerr, explained that the initiative had been empowered to ensure that no eligible student is marginalised from accessing student loan all over the country.

    He also stressed the importance of institutions to actively participate in the loan scheme by submitting students’ data promptly and accurately, to ensure seamless disbursements of loans.

    Meanwhile, NELFUND  received N2m from another beneficiary of the defunct Federal Government Student Loan Scheme in the 1970s, Asiwaju Adegboyega Solomon Awomolo  (SAN).

    The agency said Awomolo, who benefitted from the loan during his undergraduate studies at the University of Ife (now Obafemi Awolowo University) in the 1975/1976 and 1976/1977 academic sessions, has demonstrated his unwavering commitment to the nation by repaying the loan in full.

    Read Also: FULL LIST: Kano, Borno, other States with highest number of applicants for NELFUND Loan

    In a statement signed on behalf of the Director, Corporate Communications, NELFUND, Mrs Oseyemi Oluwatuyi, the organisation said the loan, which at the time amounted to a total of N1,000.00 (One Thousand Naira) for both sessions, was instrumental in helping him complete his law degree.

    The statement said: “Despite several previous attempts, over the years, to refund the loan, Mr. Awomolo was unable to fulfill the repayment until now.

    “In his letter dated 04/09/24 and addressed to the Managing Director/CEO of NELFUND, Mr. Akintunde Sawyerr, Mr. Awomolo expressed his gratitude to the Nigerian government for the opportunity that the student loan provided him, enabling him to pursue and complete his undergraduate studies without financial hardship.”

    The statement said Awomolo acknowledged the transparency and accountability that NELFUND has demonstrated in its current management of student loans, commending the organisation’s efforts to ensure that deserving indigent students across the country can access educational funding.

     “Mr. Awomolo’s repayment comes as a testament to the lasting impact of the President Bola Ahmed Tinubu (GCFR) initiative and the ongoing relevance of NELFUND in supporting Nigerian students.

     “His N2 million repayment serves as full and final settlement of his loan indebtedness, reflecting his dedication to upholding his responsibility to the nation.

    “NELFUND remains committed to empowering future generations of Nigerian students and ensuring that access to education is available to all, regardless of financial background.

    “This nationalistic act follows a similar gesture announced on 27th August 2024 when another senior Nigerian, repaid his loan in full with the sum of N3,189,000.

    “Mr. Awomolo’s patriotic and honourable gesture is yet another shining example of the enduring value of education and the importance of fulfilling one’s obligation and demonstrates the strength of morality, which still exists amongst Nigerians

    “The funds will be used to fund the education of students who need the loan now,” the statement added.

  • FULL LIST: Kano, Borno, other States with highest number of applicants for NELFUND Loan

    FULL LIST: Kano, Borno, other States with highest number of applicants for NELFUND Loan

    The Nigerian Education Loan Fund (NELFUND) has revealed the data showing student loan applicants by state of origin.

    President Bola Tinubu in July launched NELFUND.

    The revised Student Loan Act 2024 was signed to remove financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.

    The loans cover tuition, fees, and maintenance costs. The repayment process starts two years after the beneficiary completes the NYSC program.

    The Federal Government recently allocated over N2.5 billion in student loans to over 22,00 students nationwide, with institutions in the Southeast notably absent from the list of beneficiaries.

    Students from Kano and Borno States have emerged as the frontrunners in the NELFUND student loan applications.

    Kano State recorded 17,122 applications out of 20,814 registered tertiary students.   

    Borno State followed closely, with 13,798 students applying for the loan out of 16,353 registered students. 

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    These figures were shared on NELFUND’s X account, highlighting the distribution of registered students and subsequent loan applicants by state of origin.

    Benue State ranked third, with 11,754 of its 16,127 registered students applying for the student loan.

    Oyo State saw 14,086 students register, with 8,990 moving forward with the application process. 

    In Kaduna State, 13,873 students registered, and 10,380 proceeded to apply.

    Katsina State had 13,538 students register, of which 10,952 eventually applied.

    Osun State registered 13,368 students, with 8,093 applying for the loan.

    Kogi State saw 12,675 students register for the NELFUND student loan, with 8,400 of them proceeding to apply.

    In Plateau State, 11,624 students registered, and 9,328 of them went on to submit their loan applications. 

    Adamawa State had 11,219 students register, of which 8,977 successfully applied for the loan.

    Kwara State recorded 11,126 registrations, with 7,645 students applying for the loan. 

    In Taraba State, 10,699 students registered for the student loan, and 8,668 of them proceeded to apply.

    Yobe State had 10,398 students register, with 8,966 going on to apply for the loan. 

    Ogun State saw 10,387 registrations, with 5,943 students moving forward with the application.

    Akwa Ibom State recorded 9,594 registrations, with 6,525 students applying for the loan. 

    In Bauchi State, 8,358 students registered, and 6,517 applied for the student loan.

    Kebbi State had 7,873 students register, with 6,333 proceeding to apply for the loan. 

    Gombe State recorded 7,594 registrations, with 6,121 students applying for the loan.

    Niger State saw 7,487 students register, and 5,804 of them went on to submit their loan applications. 

    In Jigawa State, 6,937 students registered, with 5,535 successfully applying for the loan.

    Ondo State had 6,519 students register, with 3,854 proceeding to apply for the student loan. 

    Nasarawa State saw 6,192 students register, and 4,789 of them applied for the loan.

    Ekiti State recorded 6,065 registrations, with 3,497 students applying for the loan.

    In Imo State, 5,458 students registered, with 2,802 going on to submit their loan applications.

    Delta State saw 4,943 registrations, with 2,771 students applying for the loan. 

    Ebonyi State recorded 4,749 registrations, with 2,981 students applying for the loan.

    In Cross River State, 4,282 students registered and 2,476 of them proceeded to apply. 

    Enugu State had 4,133 students register, with 2,247 successfully applying for the loan.

    Abia State saw 4,068 registrations, with 2,170 students moving forward with the application. 

    Lagos State recorded 3,947 registrations, with 2,347 students applying for the loan.

    Anambra State had 3,747 students register, with 1,840 proceeding to apply for the student loan. 

    In Zamfara State, 3,721 students registered, and 2,986 of them successfully applied for the loan.

    Edo State saw 3,612 registrations, with 2,149 students applying for the loan. 

    Rivers State recorded 3,612 registrations, with 2,162 students applying for the loan.

    Sokoto State had 3,014 students register, with 2,055 proceeding to apply for the student loan. 

    Bayelsa State saw 1,977 students register, with 1,267 of them applying for the loan.

    In the Federal Capital Territory Abuja, 894 students registered for the loan, while 676 proceeded to submit their applications.

  • NELFUND: Southeast NASS caucus urges institutions to comply with verification request

    NELFUND: Southeast NASS caucus urges institutions to comply with verification request

    The South East caucus of the National Assembly on Sunday, August 25, called on tertiary institutions in the South East to urgently comply with the verification request sent to them by the Nigerian Education Loan Fund (NELFUND) to enable eligible students in the zone to benefit from the scheme.

    Leader of the South East Senate Caucus of the National Assembly, Senator Enyinnaya Abaribe, and his counterpart in the House of Representatives, Rt. Hon. Igariwey Iduma Enwo made the call in a statement in Abuja.

    The statement was titled: “Re: Non-inclusion of Beneficiaries from South East Tertiary Institutions in the Disbursement of Students’ Loans by NELFUND.”

    According to the caucus, the non-compliance with the verification requests was tantamount to self-marginalization by institutions in the region.

    The statement reads in part: “The attention of the South East caucus of the National Assembly has been drawn to the glaring absence of beneficiaries from South East tertiary institutions in the list of beneficiaries of the students’ loan being disbursed on behalf of the Federal Government by the Nigerian Education Loan Fund (NELFUND).

    “With a total of N2,946,927,155 already disbursed to 27,667 from 19 institutions in the country, South East higher institutions were conspicuously missing from the list.

    “In its defence, NELFUND has stated that the absence of beneficiaries from South East institutions was because even though verification lists have been sent to all schools, South East institutions are yet to respond to their request for the verification of the lists sent to them.

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    “Consequently, the South East caucus of the National Assembly wishes to urge tertiary institutions in the South East to comply with the verification request by NELFUND, so that our children can benefit from this national programme. We also wish to encourage all South East students who need this support to ensure they apply.

    “This is important as it can help ameliorate some of the challenges limiting access to higher education, which we must all agree is critical to self-development and growth.

    “It is important that as a people, we do not intentionally marginalise ourselves from opportunities that are open to all Nigerians. Those opportunities are our right and we must, like others, demand for what rightfully belongs to us.”

  • Student loan: NELFUND confirms receipt of N50bn crime proceeds from EFCC

    Student loan: NELFUND confirms receipt of N50bn crime proceeds from EFCC

    The Nigerian Education Loan Fund (NELFUND) has confirmed receiving an additional N50 billion from the Economic and Financial Crimes Commission (EFCC) for the student loan scheme.

    According to the organisation, the release followed the directive of President Bola Tinubu in his speech on 4th August 2024, directing the EFCC to transfer the funds to NELFUND to further boost the student loan programme.

    “This significant injection of funds represents a major milestone in the Administration’s commitment to bolstering access to education by providing financial support to students across Nigeria,” NELFUND said in a statement by its Director, Corporate Communications, Mrs Oseyemi Oluwatuyi on Friday in Abuja.

    It added: “The fund extends its deepest appreciation to President Bola Ahmed Tinubu for his unwavering dedication to the education sector and his continued efforts to support the most vulnerable segments of the population.

    “By deciding to allocate these funds to the student loan scheme, President Tinubu has once again demonstrated his visionary leadership and commitment to fostering a brighter future for Nigerian students and to the socioeconomic advancement of Nigeria.

    Read Also: Student loan: NELFund clears 22 more institutions

    “NELFUND also wishes to acknowledge and thank the Economic and Financial Crimes Commission (EFCC) under the leadership of its Executive Chairman, Ola Olukayode for their swift action ensuring the release of the funds.

    “Their diligent work has ensured that these resources have been promptly made available to benefit the education of our nation’s youth.

    “President Bola Ahmed Tinubu’s decision to direct these funds into NELFUND’s student loan scheme underscores the administration’s broader social intervention policy aimed at uplifting the most populous, yet disadvantaged segment of Nigerian society, the youth.”

    According to NELFUND, the infusion of the funds would significantly boost its ability to provide much-needed financial support to students, enabling them to pursue their academic aspirations without financial hindrance.

    The statement added: “NELFUND remains committed to utilizing these funds equitably, responsibly and efficiently, ensuring that they directly benefit those who need them the most and have already sought a partnership with EFCC to oversee the disbursement process.

    “With the support of the government and the EFCC, NELFUND will continue to drive forward the mission of expanding access to tertiary education for all aspiring Nigerian youth and increasing the employability of well-educated graduates in both the academic and vocational sectors.”