Skepticism Hinders Loan Applications from Southern Students, Says NELFUND MD

The New Diplomat
Writer

Ad

Unknown Facts About Olufemi Oluyede, Waidi Shaibu, Other New Security Chiefs

By Abiola Olawale ​President Bola Tinubu's recent shake-up of the security architecture, which saw the appointment of General Olufemi Oluyede as the new Chief of Defence Staff (CDS) and Major-General Waidi Shaibu as the Chief of Army Staff (COAS), has dominated headlines. While their appointments signal a major shift in the nation's security strategy, many…

Tinubu Hails Nigeria’s Exit from FATF Grey List

By Abiola Olawale President Bola Ahmed Tinubu has hailed Nigeria’s formal removal from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring. This is as the President hailed the development as a "major milestone" and a "strategic victory" for the nation's financial integrity. ​The New Diplomat reports that FATF, a global financial…

Trump’s Sanctions Light a Fire Under Oil Prices

Oil markets roared back to life after Trump’s sanctions on Russia’s top oil producers sent prices surging. Trump’s sanctions on Russia’s top oil firms have cut short the past weeks’ downward pricing movement, with stories of record high crude on water, flattening backwardation curves and weakening Chinese SPR purchases now all put on the back…

Ad

By Afolabi Samuel Odunayo

There has been low turnouts of students from southern Nigeria in the application for student loan, Dr. Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND), has revealed.

The Managing director identified doubts about the program’s viability to be the reason.

He made this statement while addressing State House correspondents shortly after the launch of the loan disbursement programme by President Bola Tinubu at the Presidential Villa, Abuja, on Wednesday.

Sawyerr noted that students from northern Nigeria have shown higher participation, which he attributed to better coordination by tertiary institutions in that region.

“In the southern part of the country, there’s growing awareness and interest, but also a lot of skepticism. The South questions everything: is it true? Is it real? Is it a scam?” he explained.

He emphasized that the commencement of the disbursement program aims to dispel these doubts.

“Today’s disbursement proves that ‘this is not NO FUND. This is NELFUND,’” Sawyerr stated, while commending northern institutions for their proactive support in assisting students and providing necessary data.

Despite the initial skepticism, Sawyerr expressed optimism that awareness efforts in the South would possibly lead to increased acceptance of the loan scheme.

He also highlighted the fact that university students have shown the highest demand for the loans, followed by polytechnic and college of education students., respectively.

“In terms of the three levels of institutions, the universities are the ones with the highest demand for the loans, then I think it’s followed by the polytechnics and then the teacher training colleges and I think it’s probably going to remain that way, the bias is going to remain that way,” the Managing Director said.

Praising President Tinubu for his vision and courage in implementing the scheme, he added:”Fortune favors the brave, and this courageous move will benefit the entire nation.”

Recall that in April 2024, Tinubu signed the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024, into law.

The new legislation replaces the Student Loan Act of 2023, which seeks to address previous challenges related to governance, loan purpose, eligibility, application methods, repayment provisions, and loan recovery.

Ad

X whatsapp