NELFUND Rallies Student Leaders to Champion Interest-Free Loan Scheme
By Felix Khanoba | May 8, 2025 | The Authority News
The Nigerian Education Loan Fund (NELFUND) has called on student leaders from tertiary institutions nationwide to take the lead in promoting the federal government’s interest-free student loan initiative.
During a Stakeholders Engagement Session and Technical Workshop held in Abuja on Thursday, NELFUND’s Managing Director/Chief Executive, Mr. Akintunde Sawyerr, urged student union leaders and members of the National Association of Nigerian Students (NANS) to actively support the scheme’s rollout and success on campuses.
Sawyerr emphasized NELFUND’s mission to dismantle financial obstacles to education and ensure that every Nigerian student has access to learning opportunities.
“To make this work, we need your leadership, your voice, and your commitment,” he said. “Help us create awareness, improve our systems, and ensure the loan reaches those who need it most.”
He said the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes inclusive education, youth empowerment, and national development.
Also speaking at the event, NELFUND Executive Director of Operations, Iyal Mustapha, urged institutions to act promptly in verifying student applications—a critical step in ensuring timely loan disbursement.
“Our ability to release funds hinges on your schools confirming your enrollment,” Mustapha explained. “You have a role in holding your institutions accountable.”
Mustapha underscored that the scheme is designed to prevent students from dropping out due to financial hardship. The loan covers school fees and provides a monthly upkeep allowance, with no interest, no guarantors, and no threat of harassment.
“Repayment only starts two years after NYSC and only if you’re employed. If you pass away or suffer permanent disability, the loan is written off,” he added.
He also addressed confusion among students who received upkeep payments but were unaware their tuition fees had already been paid. He urged students to confirm such payments with their schools, noting communication gaps from some institutions.
Meanwhile, NANS President Olushola Oladoja expressed concern over reports that some institutions and individuals might be sabotaging the program. He said the association has launched a probe into the matter.
“We’ve received complaints that schools failed to notify students after receiving payments from NELFUND. That’s unacceptable. We will work with ICPC and NELFUND to uncover the truth,” Oladoja stated.
A final-year student of Bayero University, Kano, Umar Lawal, praised President Tinubu for honoring his promise on student loans, calling the initiative a game-changer for higher education. However, he called for increased institutional accountability to ensure transparency in the process.
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