The management of the Nigerian Education Loan Fund (NELFUND) has called for private sector collaboration to deepen the impact of the loan scheme, as the Federal Government seek to broaden the reach and scope of the interest free loan to Nigerian students.
“Ensuring long-term sustainability of the programme is paramount through private sector support and collaboration with the Federal Government,” NELFUND said in a statement, reiterating that the partnership will ensure generations of Nigerian children and youth take advantage of the loan scheme to finance their education without stress.
The management insisted that the loan scheme was breaking barriers to education, providing opportunities for more students from low-income backgrounds to pursue education and fulfilling their dreams.
The Fund also disclosed that testimonials from student beneficiaries indicated that the student loan scheme is a testament to innovative problems-solving approach to addressing the challenges in the education sector.
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“The interest-free and flexible repayment loan initiative, launched by the Federal Government’s administration of President Bola Tinubu, is a strategy for increasing access to affordable higher education for the youth anchored on the key conviction that funding shouldn’t be a barrier to higher education for young people irrespective of their family background or where they come from.”
Accordingly, the Fund stated that the loan scheme has widened education access and affordability for many Nigerian students, and serves as a key contributor to youth development and Nigeria’s educational landscape, driving national development towards shaping the future of young Nigerians.
“The loan covered 70% of my fees, so my parents could redirect their resources to my siblings and other necessary needs. It made me confident and able to focus on my studies,” Enyonedugbojo Alexander, a 400-level student of Microbiology at Modibbo Adama University of Technology, said in a testimonial.
She disclosed that she planed to develop solutions that would improve Nigeria’s agriculture and healthcare sectors upon graduation. “I will use my skills to develop solutions that will improve Nigeria’s agriculture and healthcare.”
Another beneficiary of the scheme, Barakat Bolanle, a 200-level student of Guidance and Counseling at the University of Ibadan, stated that the scheme provides opportunities for Nigerian students to gain access to quality education and a brighter future. “The impact NELFUND could have on education and future aspirations of beneficiaries is to ease the financial burden of students and help them concentrate more on their studies.”
