No South-East institutions responded to students verification request – NELFUND

The Nigerian Education Loan Fund (NELFUND) has clarified why students from South-East higher institutions have yet to benefit from the student loans being disbursed by the agency.

According to NELFUND, no higher institution in the South-East has responded to its request for student verification, which is a crucial step in the loan disbursement process.

This explanation comes in response to allegations that the South-East was intentionally excluded from the student loan program initiated under President Bola Tinubu’s administration. The criticism followed the publication of a list of 19 institutions that have so far received loans.

As of Friday, NELFUND has disbursed a total of N2.9 billion in loans to 27,667 students from 19 federal universities, polytechnics, and colleges of education. However, no institutions from the South-East were included.

Responding to the concerns, NELFUND emphasized: “Geopolitical zones do not influence the disbursement of these loans. We have sent verification requests to all eligible institutions. Disbursements are being made to those that have completed the verification process. Unfortunately, no institution in the South-East has responded to our verification request. We encourage them to do so promptly to enable their students to benefit from this scheme.”

Meanwhile, NELFUND’s Managing Director/CEO, Mr. Akintunde Sawyerr, has urged Nigerian students to take full advantage of the Student Loan Scheme, describing it as a groundbreaking initiative designed to make higher education accessible to everyone, regardless of their financial situation.

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Speaking during a Student Loan Sensitization Program organized by the National Association of Nigerian Students (NANS) in Port Harcourt, Mr. Sawyerr emphasized that the loan scheme is more than just financial aid—it is an investment in the future of Nigerian students, giving them the opportunity to pursue higher education without being hindered by financial burdens.

Mr. Sawyerr provided insights into the loan scheme, explaining that it covers both tuition and living expenses, with repayment terms designed to be fair and manageable. He also reassured students that loan repayment would only commence two years after completing their National Youth Service Corps (NYSC), and only if they have secured employment or started a business.

Addressing concerns about delays in the disbursement process, Mr. Sawyerr acknowledged the challenges but assured students that efforts are being made to streamline the system for greater efficiency.

He encouraged students to be patient and ensure that their loan applications are complete and accurate to avoid unnecessary delays.

The revised Student Loan Act of 2024 was enacted to make higher education more accessible to all Nigerian students, irrespective of their financial background. This legislation aims to remove the financial barriers that often prevent students from continuing their education.

The Act stipulates that NELFUND will receive funding from various sources, including a small percentage of taxes and duties collected by key government agencies such as the Federal Inland Revenue Service, the Nigerian Immigration Service, and the Nigerian Customs Service. Additionally, the fund will be bolstered by profits from the government’s natural resource activities, the issuance of education bonds, and contributions from individuals and organizations.

No South-East institutions responded to request students verification – NELFUND