From Victor Osula, Abuja
President Bola Tinubu has assured Nigerian students that the Nigerian Education Loan Fund (NELFUND) will thrive on fairness and equity and promote inclusiveness by removing the financial barrier to higher education for Nigerian students.
According to presidential spokesperson, Ajuri Ngelale, President Tinubu gave the assurances on Wednesday, when he launched the digital NEL FUND disbursement exercise at the State House on Wednesday, in Abuja.
According to the President, the provision of loans to students will encourage more people to seek knowledge, go for higher education and become valuable contributors to national development.
“As I earlier said, I believe that education is the greatest weapon against poverty. Without education, there is no vision; without education, there will be no development; without education, you cannot successfully conquer poverty, insecurity, and abuse in society.
“Education is that light at the end of the tunnel, and no matter how sluggish it moves, it will give you light and the hope you need. We are investing in it. We do not want to try ignorance as an alternative. We want education from the foundation to the topmost level.
“I am glad we are achieving it with NELFUND and that the leadership has accepted this responsibility, and they are working hard”, he said.
The President commended the Chairman of the Fund, Mr Jim Ovia, and the Managing Director, Mr Akintunde Sawyerr, for their efforts in driving the critical agency.
He expressed his determination to ensure the success of the Fund and the fulfilment of the dream of higher education by indigent Nigerian students.
“The tool is available, and the hope is here; genuine, and the commitment to inclusiveness is what democracy is all about. I am fulfilling one of my greatest promises of the campaign. We are building an inclusive society. You can find many ways around any opportunity, but you cannot find a way if you are not well-educated”, President Tinubu stated, adding that education is an essential antidote to some of the challenges faced by the nation.
“We cannot even fight terrorism and banditry unless there is inclusiveness, and our people are properly educated and can invest in their own lives. I promise that we will hand a banner without stains to our children. Therefore, it is my honour to launch the portal”, the President said.
In his remarks, the Chairman of NELFUND, Ovia, thanked the President for the privilege to serve the nation.
“I am grateful for the opportunity to be here today for Mr President to formally launch the Nigerian Education Loan Fund (NELFUND). Mr President, I would like to refer to the United Nations’ Sustainable Development Goals, of which education is number four.
“The President has recognised that; hence, he inaugurated and signed into law in February, the NELFUND. We are all grateful for Mr President’s time for inaugurating and sanctioning the activities of NELFUND”, Ovia said.
The Managing Director of NELFUND affirmed that there were enough funds to meet the initial requests of students across the country.
“Your Excellency, at this stage, we have more than enough funding. When we start to promote properly, we might need more, but right now, we can disburse to any single person who has applied”, he said.
Sawyerr said the portal was opened on May 25, 2024, and had received 110,000 applications, with more than 164,000 visits; noting that the applications have been increasing daily.
“What we want to ensure is that there is equity in the distribution of the loans across the six geo-political zones. So, we are having to look very closely at the data we are receiving to ensure that we are doing the right things and pushing the right buttons to ensure that those who need these funds get them and that it is seen to be fair and equitable”, he added.
President Tinubu presented cheques to some of the students and institutions that had already been processed by NELFUND. Students are to receive stipends for their upkeep, while tuition goes directly to the institutions.
