The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFund), Mr. Akintunde Sawyerr, has called on parents in Ekiti State to encourage their children to take advantage of the Federal Government’s student loan scheme, describing it as a major step toward democratizing access to higher education.
Sawyerr made the call during a sensitisation visit to the palace of the Oore of Otun Ekiti and Paramount Ruler of Moba Land, Oba Adekunle Adeagbo, where he addressed traditional rulers and community leaders from the 13 kingdoms in the Moba Local Government Area.
He said President Bola Tinubu’s administration was determined to lift the financial burden of tertiary education from parents through the student loan programme, which he described as “a life-changing opportunity for Nigerian youths.”
“Nigerians are yearning for knowledge; they want to know, they want to learn,” Sawyerr said. “The student loan policy has opened the door of opportunity for millions to further their education.
The impact has been huge. In the last 24 hours alone, we have received 12,000 new applications. Since May last year, we have recorded nearly 700,000 beneficiaries and over one million applications. It is unprecedented.”
He added that the massive interest in the scheme reflected the pent-up demand for education and commended President Tinubu’s “political foresight” in launching a policy capable of transforming the nation’s intellectual landscape.
“If this country gets itself educated and on its feet, nobody will be able to threaten Nigeria. We are the greatest country in the world,” he said.
Sawyerr, who commended Oba Adeagbo for his “proactive leadership and commitment to his people,” noted that the monarch had earlier visited NELFund’s office in Abuja to request inclusion of all the 13 kingdoms under his domain in the sensitisation and registration drive.
“As soon as I saw that gesture, I knew I must visit immediately. The Oore has already set up structures for easy engagement, and this is exactly the kind of local collaboration President Tinubu wants to see,” he said.
He appealed to parents to encourage their children to apply, emphasizing that the loan terms were “soft and flexible” to ensure easy access and repayment after graduation.
“This initiative frees parents from spending a large part of their household income on tuition,” he said. “They can now channel their resources into starting small businesses or investing in other family needs.”
NELFund’s Executive Director, Finance and Administration, Dr. Femi Akinfala, explained that every student admitted into a public tertiary institution automatically qualifies for the loan once they apply through the official channel.
“What the Tinubu administration has done is to take away the worry of paying school fees. Parents can now focus on other responsibilities while government shoulders the cost through this loan,” Akinfala said.
In his response, Oba Adeagbo commended the NELFund team for bringing the message of opportunity to Moba land, describing education as the “cornerstone of national development.”
“President Tinubu is working, and this student loan scheme is proof,” the monarch said. “We must seize this opportunity and mobilize our sons and daughters.
The real impact will be seen decades from now, just like Chief Obafemi Awolowo’s free education programme, whose benefits we still enjoy today.”
Also speaking, a former Ekiti State Commissioner for Youths and indigen of Moba, Gold Adedayo, praised President Tinubu for establishing NELFund, saying the initiative had bridged the gap between rich and poor students.
“This student loan has not only liberated young Nigerians from illiteracy but has also reduced class inequality by making education accessible to all,” Adedayo said.
Established in April 2024 following the signing of the Student Loan Act by President Tinubu, NELFund provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
Since the commencement of applications in May 2024, the Fund has received over 1.03 million applications and disbursed more than ₦116.4 billion across 239 universities, polytechnics, and colleges of education nationwide.
Sawyerr described the milestone as “a defining moment in Nigeria’s journey toward equitable education financing.”
“Crossing the one-million mark represents more than numbers; it represents renewed hope for a generation determined to rise above financial barriers to education,” he said.
“It is a testament to visionary leadership, sound policy, and the collective efforts driving this transformative agenda.”
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