Nigerian President, Bola Ahmed Tinubu has launched the Nigeria Education Loan Fund, NELFUND. While performing the launching, the President emphasized the importance of education as a vital tool in combating poverty and achieving national development.
Performing the ceremonial disbursement of funds at the State House in Abuja on Wednesday, President Tinubu stressed that education is the greatest weapon against poverty. He said, it provides vision, development, and hope to the people.
Tinubu pointed that without education, conquering insecurity and achieving success is impossible. He, therefore, emphasized that education provides the light at the end of the tunnel. No matter how slow the progress may seem.
Addressing the Board, members and the management of the Fund present at the launch ceremony, President Tinubu reaffirmed the commitment of his administration to the Renewed Hope Agenda. He stated that democracy is all about inclusiveness.
The President added that the target of his administration is to build a fair society. A society that is built on successful inclusiveness.
“What I believe is that education is the greatest weapon against poverty in any society. Without education, there is no vision, there is development, you cannot successfully conquer insecurity.
“Education is that light at the end of the tunnel. No matter how sluggish you move, it will give you the light and the hope,” he said.
The President further stated that Nigeria will continue to invest in education to empower the citizens. And to deploy it as a tool against terrorism, banditry and insecurity.
He said, “We are investing, we don’t want to try ignorance as alternative. We want education from foundations to the topmost level. And I am glad that leadership and its leadership accepted the responsibility.
“There is available here the hope and the genuine and commitment, inclusiveness is what democracy is all about.
“Today I am fulfilling one of my greatest campaign agenda. You cannot find your way if you are not well educated. And you cannot even fight terrorism and banditry.
“If we have successful inclusive and loan that is necessary for our people to get educated and invest in their own lives we would have built a fair society. And a promise that we will earn a banner without stain to our children,” he added.
Tinubu also used the occasion to symbolically present loan cheques to students from each geo-political zones. The presentation indicates the beginning of the disbursement of the fund to qualified Nigerian students.
The President also presented cheques to Vice Chancellors of Bayero University, Kano (BUK), Federal University of Technology, Owerri (FUTO), amongst other institutions present.
In his remarks, the Chairman of NELFUND, Jim Ovia, thanked the President for the privilege to serve the nation.
He said, “I am grateful for the opportunity to be here today for Mr. President to formally launch the Nigerian Education Loan Fund (NELFUND). Mr. President, I would like to make reference to the United Nations’ Sustainable Development Goals, of which education is number four.
“The President has recognized that. Hence, he inaugurated and also signed into law in February the NELFUND. We are all grateful for Mr. President’s time for inaugurating and also sanctioning the activities of NELFUND.’’
In his remarks, the Executive Secretary and Managing Director of the NELFUND, Akintunde Sawyerr, said a total number of 164,000 students have registered for the loan. With total number of 103,000 of them applied since the portal opened on May 25.
Sawyerr revealed that a total sum of N32billion is currently available for disbursement to kick start the program.
He stated that the aim of NELFUND is to empower Nigerian youth by providing fair transparent funding. And removing financial barriers to educational opportunities and academic pursuits.
The Executive Secretary used the occasion to reel out NELFUND’s progress since the launch. He said the Fund got key amendments of Loan Act on the 3rd of April, 2024. Secured dashboard metrics on the 25th May till date. As well as the Presidential disbursement of funds on 17th July,2024.
Sawyer also explained that students applied for two types of loans. One is educational fees, which is sent directly to institutions and the other is the student application for upkeep loan. Which is the loan that covers monthly stipends.
He said, “Institutions collected cheques for multiple applications. Also students cannot get stipend unless the fees are been picked by NELFUND.”
Recall that the the student loans (Access to Higher Education) Action, was signed into law 3rd April 2024. The Bill is a transformative initiative empowering countless Nigerian students to pursue their educational aspirations.
Present at the launch were President of the Senate, Godswill Akpabio, and Speaker of House of Representatives, Tajudeen Abbas. Also present were the Minister of Finance, Wale Edun, and Minister of Budget & Economic Planning, Abubakar Bagudu. Others were the Minister of Education, Mamman Tahiru, Minister of Youths, Jamila Bio Ibrahim, FIRS Chairman, Zach Adedeji, and CBN Governor, Olayemi Cardoso.
The Jamb Registrar, Prof Isiaq Oloyede, the Acting Executive Secretary of National Universities Commission (NUC), Chris Mayaiki, amongst many others were also present.
source: The Nation
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