The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund, Akintunde Sawyerr, announced on Wednesday that the fund has allocated over N10 billion to successful applicants since the program's launch in August 2024.

He addressed concerns from some individuals regarding potential discrimination within the student loan scheme.

This statement was made during the inaugural meeting of NELFUND with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing at the National Assembly Complex in Abuja.

Sawyerr reassured the committee that the fund has made efforts to engage with regions of the country, especially the South-East, which had previously expressed feelings of marginalization.

He noted, “To date, the Fund has received more than 350,000 applications and has disbursed over N10 billion, with a goal of distributing N90 billion for tuition and stipends.

“Currently, we are receiving applications at a rate exceeding 1,000 per day, and we are implementing special measures for students with disabilities. Additionally, we are committed to overcoming obstacles to girl-child education, as denying girls access to further education limits the nation's potential to harness their remarkable leadership abilities.

“With 70 percent of our population under the age of 35, failing to ensure educational access for this demographic poses a risk of future instability and violence in Nigeria. This initiative by President Tinubu is timely and essential.”

He characterized the initiative as a distinctive approach that offers a long-term remedy to the educational access issues in Nigeria.

He further stated, “The administration of President Bola Tinubu has rolled out numerous innovative policies, with the student loan initiative being particularly impactful. It is reaching every region of the country—East, West, North, and South.

“This policy is designed to be inclusive, ensuring that every Nigerian, irrespective of their location or background, can access the education they rightfully deserve.

“It parallels significant policies such as Chief Obafemi Awolowo's free education program, the establishment of the National Youth Service Corps by Gen Yakubu Gowon, and the founding of federal universities.

“These initiatives have been pivotal in Nigeria’s progress, and the student loan program is equally forward-thinking, symbolizing an investment in the future of our nation.”

The Chairman of the Committee, Gboyega Isiaka (APC, Ogun), referred to NELFUND as an essential agency established not only to provide loans but also to foster a future where every Nigerian youth can achieve their full potential.

He encouraged the Fund's management to adopt a proactive stance, stating, “We want to be able to envision where NELFUND will be in the next three to five years. What steps will be necessary to reach that point? And what challenges must we address to facilitate that progress?”