The Nigerian Education Loan Fund (NELFUND) has reassured students that beneficiaries of its student loan scheme will not face travel restrictions after graduation.
Speaking at a sensitization program at Edo University, Iyamho, on Wednesday, NELFUND’s Managing Director and Chief Executive, Akintunde Sawyerr, addressed concerns about potential limitations on travel. He clarified that the law governing NELFUND does not prevent students from seeking employment abroad after completing their education.
“The law that established the Nigerian Education Loan Fund does not restrict your ability to work wherever you choose. You are not bound. It does not state that you cannot leave Nigeria because of your loan. You are free to go anywhere in the world,” Sawyerr explained. However, he emphasized the ethical responsibility of repaying the loan, regardless of location. “If you have a loan in Nigeria and secure a job elsewhere, the right thing to do is to repay your loan to your country.”
Sawyerr encouraged students to take advantage of the loan scheme, highlighting its benefits, including its interest-free repayment structure, even over extended periods.
“I urge you to embrace this opportunity because missing out could have long-term effects. NELFUND is unique because it offers the only loan that helps you acquire something that can never be taken away from you – education,” he said.
He also reaffirmed NELFUND’s commitment to transparency, revealing that the Fund is prepared to disburse up to N135 billion if all applications are fully processed.
“We have received approximately 520,000 registrations and 419,000 applications. So far, we have processed and paid 261,000 students for both upkeep and institutional fees. If all applicants were approved today, the total disbursement would be around N135 billion. We have the funds and are ready to disburse once processing is complete,” he stated.
Edo State’s Commissioner for Education, Dr. Paddy Iyamu, expressed the state government’s commitment to ensuring that students maximize the benefits of the scheme.
“We are urging students to apply and take full advantage of this program. It is highly commendable and will be immensely beneficial. We will continuously remind tertiary institution heads to spread awareness,” Iyamu noted.
Echoing this support, Acting Vice-Chancellor of Edo University, Professor Dawood Egbefo, praised the initiative, noting that 51 students from the university had already received N61.4 million in funding during the 2023/2024 academic session.
During an earlier sensitization visit to Ambrose Alli University, Ekpoma, NELFUND officials raised concerns over low application numbers, with only 102 students applying, totaling less than N20 million. Director of Loan Allocation and Distribution, Lami Suwaid, encouraged the university to increase participation in the upcoming registration cycle.
Representing AAU’s Acting Vice-Chancellor, the Director of Academic Planning, Prof. Eunice Omoregie, reiterated the university’s commitment to promoting awareness and boosting student enrollment in the loan scheme.
“The purpose of this program is to educate students on NELFUND’s various initiatives. Our goal is to equip students with the necessary knowledge and skills to make informed decisions about their future,” Omoregie stated.
With continued efforts to raise awareness and streamline loan disbursements, NELFUND aims to ease the financial burden of education for Nigerian students, ensuring accessibility and sustainability in higher education funding.
