The Managing Director of the Nigerian Education Loan Fund, Dr. Akintunde Sawyerr, has explained why more students from the northern part of the country have applied for the Student Loan Scheme.
Recall that in April 2024, President Tinubu signed into law the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024.
Sawyerr who was speaking while briefing State House correspondents after the launch of the disbursement of loans to applicants by President Bola Tinubu at the Presidential Villa, Abuja, on Wednesday, stated that students of higher institutions based in southern were not applying for loans because they doubt its viability.
“In the southern part of the country, there’s growing awareness and interest. There’s been a lot of scepticism, and I think the most sceptical parts of the country are in the South; they question everything: is it true? Is it real? Is it a scam?,” he said.
He also noted that tertiary institutions from the north were better coordinated than that of the other regions in the country, making it easier for their students to apply.
“The zones with the highest, I can say to you that institutions in the north of the country have been very proactive at supporting and helping their students and providing their data to us,” he said.
He assured however that Nigerians will be more receptive of the scheme as more loans are disbursed.
“And I think what you witnessed today with us actually starting this disbursement programme is to say that ‘this is not no fund. This is NELFUND.’
“So, I think we’ll see the scepticism that you can find mainly in the southern part begin to disappear when we start paying out,” he added.
He noted that the FUND is creating more awareness in the South to enable students in the region embrace the scheme when disbursements begin.
“We’re trying to ensure that people know this is not a trick, it’s not a game. Mr President has backed this with cash, and we’re going to disburse that cash.
He also revealed that more university students have applied for loans than students of polytechnics and colleges of education.
“In terms of the three levels of institutions, the universities are the ones with the highest demand for the loans, then I think it’s followed by the polytechnics and then the teacher training colleges and I think it’s probably going to remain that way, the bias is going to remain that way,” he said.
He commended President Tinubu for making the Student Loan a reality while affirming that the loan scheme would have a positive impact on the lives of students in the country.
“The effect of providing this opportunity for the most needy Nigerians, most capable Nigerians in many ways, and the people who probably will look after us, or whose decisions will impact on us in our old age cannot be underestimated.
“These are the most important people in the country that we’re trying to affect.
“So, I want to give all the praise and all the recognition to the president, His Excellency Bola Tinubu, for having the vision and the courage to do what he has just done. I’m sure you’ve all heard that fortune favours the brave and this courageous move will bring fortune not just to him but to the entire nation,” he said.
Also speaking during the briefing, the National President of the National Association of Nigerian Students(NANS), Lucky Imonife, expressed happiness over the scheme adding students irrespective of background, can access the loan.
“Nigerian students are happy that the dream has come true. It was once a dream, it has become an act and today is the presidential launch and disbursement.
“We are very proud of this. We, as Nigerian students, will call it a new dawn in the education sector.
“Whatever background you belong to, you can assess the loan. Once you apply, you will get it, irrespective of your status, your age and your class,” he said.