Tinubu Launches Education Loan Fund, Says Education Vital Tool To Combat Poverty

President Bola Tinubu on Wednesday launched the much-awaited Nigeria Education Loan Fund (NELFUND) by stressing the importance of education as a vital tool in combating poverty as well as achieving national development.

Speaking at the formal launch of NELFUND and ceremonial disbursement of funds at the State House, Abuja, the President emphasised that education is the greatest weapon against poverty, providing vision, development, and hope.

He noted that without education, conquering insecurity and achieving success is impossible, emphasizing 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, President Tinubu reaffirmed the commitment of his administration to the Renewed Hope Agenda saying democracy is all about inclusiveness.

He added that the target of his administration is to build a fair 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”.

The President further noted that Nigeria will continue to invest in education to empower the citizens and deploy it as a tool against terrorism, banditry and insecurity.

“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 fufilling one of my greatest campaign agenda,You cannot find your way if you are not well educated, 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 also symbolically presented loan cheques to students from each of the six geo-political zones, indicating the beginning of the disbursement of the fund to qualified Nigerian students.

President Tinubu later presented cheques to Vice Chancellors of Bayero University, Kano (BUK), Federal University of Technology, Owerri (FUTO), among other institutions present.

Earlier in his speech, NELFUND’s Executive Secretary, Akintunde Sawyerr, disclosed

NELFUND portal’s key metrics from 25th May, 2024 to date saying a total of 164,000 students registered for the loan while 103,000 of them applied.

Sawyerr added that a total sum of N32 billion is currently available for disbursement to kick start the program.

According to him, the aim of NELFUND is to empower Nigerian youth by providing fair transparent funding and removing financial barriers to educational opportunities and academic pursuits.

Reeling out NELFUND’s progress since the launch, Sawyerr said the Fund got key amendments of loan act on 3rd April, 2024, secured dashboard metrics on may 25th May till date as well as the Presidential disbursement of funds on 17th July,2024.

He explained that students applied for two types of loan, 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 stipend.

Speaking with newsmen after the launch, NELFUND Executive Secretary stated that the Fund has received more loan applications from institutions in the northern part of the country

Sawyerr attributed the high demand from northern institutions to their proactive approach and effective networking.

He, however, noted that there is growing awareness and interest in the southern regions, despite initial skepticism and concerns about the legitimacy of the program.

The Executive Secretary assured that the disbursement program is real and backed by President Tinubu, aiming to alleviate doubts and increase participation from southern institutions.

His words: “The zones with the highest and the segments of the institutions with the highest, I can say to you that institutions in the north of the country have been very proactive at supporting and helping their students and in providing their data to us. So that’s where the leaning is currently, but that’s to be expected because they seem to be very well organized in terms of networking in the northern part of the country.

“In the southern part of the country, there’s growing awareness and there’s growing interest. I think there’s been a lot of skepticism, generally and I think the most skeptical parts of the country is in the south, the question everything; is it true? Is it real? Is it a scam? and I think what you witnessed today with us actually starting this disbursement programme is to say that ‘this is not NO FUND, this is NELFUND’.

“We’re trying to ensure that people know that this is not a trick, it’s not a game. Mr. President has backed this with cash and we’re going to disburse that cash. So I think we’ll see the skepticism that you can find mainly in the southern part begin to disappear when we start paying out”.

He explained that universities have the highest demands for loans, followed by polytechnics and colleges of education, a trend that is expected to continue.

His words: “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”.

He explained why private institutions have been excluded from the scheme, saying because they charge more expensive school fees, if government provide funds for them, it will be unable to meet up with the expectation of the initiative.

Sawyer affirmed that the loan scheme will have positive impact on many lives in the country, saying “it’s a great privilege, great honour to be able to be part of a programme that will change so many lives over so long a period into the future.

“The effect of providing this opportunity for the most needy Nigerians, most capable Nigerians in many ways, and the people who probably will look after us, or whose decisions will impact on us in our old age cannot be underestimated. These are the most important people in the country that we’re trying to affect.

“So, I want to give all the praise and all the recognition to the President Bola Tinubu, for having the vision and the courage to do what he has just done. And I’m sure you’ve all heard that fortune favours the brave and this courageous move will bring fortune not just to him, but to the entire nation”, he said.

Also speaking, the national president of the National Association of Nigerian Students (NANS), Lucky Emonefe, said the scheme is a new dawn for the country and the students are happy to embrace it.

He affirmed that it is accessible to all students irrespective of their background.

According to him: “Today we are excited, Nigerian students are happy that the dream has come true. It was once a dream, it has become an act and today is the presidential launch and disbursement.

“We are very proud of this. We as Nigerian students will call it a new dawn in the education sector. During the presidential disbursement today, you can see people applying, whatever background you belong to, you can assess the loan. It was so transparent, once you apply you will get it, irrespective of your status, your age and your class.

“Like what Mr President said and we equally agreed with, that it is a tool to fighting poverty. And we can say that, yes, Nigerian students now have assess to higher education. We are proud of this. And this is a good legacy and a good investment in the development of our dear nation.

“We’re happy for this, we excited and we embrace it. We are all excited, it is a new dawn in the education sector and we are very happy”.