Chidimma Uchegbu
The Nigerian Education Loan Fund (NELFUND) has urged universities and institutions in the South-South and South-East regions to increase participation in the student loan scheme.
This call was made during a stakeholders’ engagement session and technical workshop in Abuja.
According to NELFUND’s Managing Director, Akintunde Sawyerr, there is a noticeable disparity in loan applications from these regions compared to other parts of the country. The workshop aimed to address this issue and improve the loan application process.
Sawyerr clarified that NELFUND prioritizes transparency and accountability, ensuring that funds are disbursed to deserving students. He acknowledged reports of delayed disbursements but emphasized the need for thorough verification processes.
“We have to adhere to our processes. If a person has already paid their fees in their final year, and we’ve paid their tuition, it is the obligation of that individual to go to school. I puated and you’ve left, the fact of the matter is people applied in their final year. You have to go through a process that allows us to make sure that they are the ones who are actually applying and who actually need it. Again, let me just point out this thing about delays.”
He started,that the meeting is intended to influence how the platform evolves and how we address practical challenges faced by institutions and students alike.
Ifeoluwa Ehindero, Chairman of the House Committee on Students Loan, Scholarships, and Higher Education Financing, stressed the importance of modernizing and streamlining the loan management system. He advocated for automation and optimization to create a more efficient and responsive process.
According to him, by automating and optimising the NELFUND system, it aims to create a more transparent, efficient, and responsive process for loan applications, approvals, and disbursements.
“This is essential for the success of the initiative and will go a long way in ensuring that our students benefit in a timely and accountable manner.
“As members of the House of Representatives Committee on Student Loans, we have been working tirelessly to ensure that the legislative framework supports and facilitates these reforms. However, legislative efforts alone are not enough.
“We need your expertise, your feedback, and your active participation to make sure that we have a system that works for everyone from the students applying for loans to the institutions managing the funds.
“This workshop is not just a platform for training but also an opportunity for collaboration. As you interact with the NELFUND system, your insights into how we can improve its functionality will be invaluable in helping us refine and enhance it to meet the needs of our institutions and students.”
Executive Director of Operations at NELFUND, Iyal Mustapha, reported that over 576,000 students have registered for the loan scheme, with a total application value of ₦170 billion. He encouraged institutions in the South East and South South to improve sensitization efforts for timely loan applications.
The National Universities Commission (NUC) representative, Lawal Mohammed Faruk, praised NELFUND as one of the Federal Government’s best policies, expressing hopes that it would eventually cover all students in the country.
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