The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyer, has disclosed that southern students are refraining from applying for loans because they doubt the viability of the scheme.
Briefing correspondents after the launch of the disbursement of loans to applicants by President Bola Tinubu at the Presidential Villa, Abuja on Wednesday.
He said more students have applied for loans in the North because of better coordination by tertiary institutions in the region.
Sawyerr however noted that awareness is now being ramped up in the South about the scheme, hoping that students in the region will embrace it in full when they see that disbursement is in progress.
He also revealed that more university students have applied for the loan than students of other tertiary institutions such as polytechnics and colleges of education.
The Managing Director explained why private institutions have been excluded from the scheme, saying that because they charge more expensive school fees, if the government provide funds for them, they will be unable to meet the expectations of the initiative.
Asked to provide data on the spread of the applications, Sawyerr stated: “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, they 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.
“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.”
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. His Excellency Bola Ahmed 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.”
Also speaking, the national president of the National Association of Nigerian Students (NAN), Lucky Imonife, 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.
He said: “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 access 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.”
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