The Nigerian Education Loan Fund (NELFUND) has reassured students that beneficiaries of the student loan scheme will not face travel restrictions after graduation. This clarification was made by the Managing Director and Chief Executive of NELFUND, Akintunde Sawyerr, during a sensitization programme at Edo University, Iyamho.
No Travel Restrictions for Beneficiaries
Addressing concerns raised by students regarding potential limitations, Sawyerr emphasized that the law governing NELFUND does not impose any restrictions on travel for those who have received financial support.
“The law that set up the Nigerian Education Loan Fund does not limit your ability to go and look for work wherever you want. 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.
While reassuring students that international job opportunities remain open, he advised them to fulfill their repayment obligations regardless of their location.
“The right and proper thing to do, if you have a loan in Nigeria and you want to get a job somewhere else, is to ensure you pay back the loan,” he added.
Interest-Free Repayment Structure
Sawyerr encouraged students to take advantage of the initiative, highlighting its unique structure compared to other loan programs.
“I want you to embrace it and act upon it because if you miss this opportunity, it’s one that will affect generations. 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.
One of the most significant benefits of the scheme is its interest-free repayment structure. Even if students take years to repay, no additional charges will be incurred.
N135 Billion Ready for Disbursement
Sawyerr also provided updates on the loan disbursement process. He revealed that NELFUND has already received approximately 520,000 registrations and 419,000 applications. Of these, 261,000 students have received payments covering both upkeep and institutional fees.
“Our total exposure today, if we were to pay everyone who has applied, is around N135 billion. But we have not processed all applications yet. We have the funds ready, and we are prepared to disburse N135 billion once all applications are processed,” he disclosed.
University Officials Applaud Initiative
The Acting Vice-Chancellor of Edo University, Professor Dawood Egbefo, praised the initiative, revealing that 51 students from the institution had already benefited from N61.4 million in funding for the 2023/2024 academic session.
During an earlier sensitization visit to Ambrose Alli University, Ekpoma, NELFUND officials expressed concern over the low number of applications received. According to reports, only 102 students had applied, leading to disbursements amounting to less than N20 million.
To encourage more participation, Lami Suwaid, Director of Loan Allocation and Distribution at NELFUND, urged institutions to take advantage of the new registration cycle.
Encouraging Higher Participation
Despite the impressive number of applications processed, NELFUND officials noted that many eligible students are yet to apply. The government has allocated significant funds to ensure that more students benefit from the scheme.
“The more students take advantage of this opportunity, the better the educational landscape in Nigeria will be. Institutions should work closely with us to ensure students are well-informed about the benefits of the loan,” Suwaid added.
NELFUND’s Long-Term Vision
With this initiative, NELFUND aims to bridge the financial gap in education, making quality learning accessible to students across Nigeria. By offering an interest-free repayment plan and ensuring that beneficiaries have full mobility in their career choices, the program is expected to have a lasting impact on the nation’s workforce and economy.
As applications continue to be processed, students are encouraged to register for the scheme to secure financial aid that supports their academic and career aspirations without restrictions.