The Nigerian Education Loan Fund (NELFund) has reaffirmed that students benefiting from the government-backed student loan scheme will not face any travel restrictions after graduation. This clarification came from Akintunde Sawyerr, the managing director of NELFund, during a sensitization programme held at Edo University, Iyamho, on Wednesday.
Addressing growing concerns among students about potential restrictions tied to the student loan, Sawyerr emphasized that there are no clauses in the NELFund law preventing beneficiaries from traveling abroad after completing their studies. He reassured students that their mobility remains unrestricted, and they can seek career opportunities anywhere in the world without government interference.
“You are not tied. It doesn’t say you cannot leave Nigeria because you have a loan with us. You can go wherever you want to go in the world,” Sawyerr stated, dismissing widespread speculation that the loan scheme would impose post-graduation travel limitations.
However, he urged beneficiaries to act responsibly by repaying their loans, emphasizing that loan repayment remains a key obligation regardless of where they choose to work. He highlighted that repaying the loan ensures sustainability for future students seeking financial assistance.
Sawyerr encouraged students to seize the opportunity to ease the financial burden on their families, emphasizing the loan’s benefits. Unlike traditional loan structures, NELFund’s student loan is interest-free, making it a game-changer in Nigeria’s education financing landscape.
“If you miss this opportunity, it will affect generations. Do you know why? Because NELFund is different from all other types of loans. It is the only loan you can take to acquire something that can never be taken away from you,” he explained.
Providing updates on the loan scheme, Sawyerr disclosed that NELFund has received approximately 520,000 registrations and 419,000 formal applications. So far, 261,000 students have been successfully processed and paid, covering both upkeep allowances and institutional fees.
According to him, the total financial exposure of NELFund currently stands at an estimated N135 billion, and the agency is fully prepared to disburse these funds once all applications have been processed.
“We have received about 520,000 registrations and about 419,000 applications. We have processed and paid 261,000 students, covering both upkeep and institutional fees. Our total exposure today, if we were to pay everyone who has applied, is somewhere in the region of N135 billion,” he revealed.
“We have got the money, and we are ready in case all of them get processed. We can disburse N135 billion,” Sawyerr added, reinforcing the government’s commitment to providing accessible and sustainable education funding.
To ensure more students benefit from the scheme, the Edo State government has pledged to intensify awareness campaigns across tertiary institutions in the state. Edo Commissioner for Education, Paddy Iyamu, assured that continuous sensitization efforts would be carried out to encourage students to take advantage of the programme.
“We are going to be telling all the heads of the tertiary institutions with a constant reminder. And continuously we shall pass on the message to every student in the district so that they can apply and benefit from this programme,” Iyamu stated.
Similarly, Dawood Egbefo, the acting vice-chancellor of Edo University, disclosed that 51 students from the institution had already received a total of N61.4 million under NELFund during the 2023/2024 academic session.
At a recent sensitization visit to Ambrose Alli University, Ekpoma, NELFund officials expressed concerns over the low number of applications from the institution. Only 102 students had applied, amounting to less than N20 million in funds disbursed.
Lami Suwaid, the director of loan allocation and distribution at NELFund, urged the university to leverage the new registration cycle to increase student participation.
With NELFund’s continued efforts to expand access to education financing, students across Nigeria now have a rare opportunity to complete their studies without financial hardship while retaining full freedom to pursue global opportunities post-graduation.
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