As the federal government begins the disbursement of students’ loan, the managing director of the Nigerian Education Loan Fund (NELFund), Dr. Akintunde Sawyerr, said more students from the North applied for the facility owing to better coordination by tertiary institutions in that region.
He said students of higher institutions in the South were not applying for loan because they doubt the viability.
The managing director stated this when he briefed journalists after the launch of the disbursement of loans to applicants by President Bola Tinubu at the Presidential Villa, Abuja, on Wednesday.
“In the southern part of the country, there’s growing awareness and interest. There’s been a lot of scepticism, and I think the most sceptical parts of the country are 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.’
“The zones 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 providing their data to us,” he said.
He assured Nigerians that the early scepticism would dissipate as more loans were disbursed.
“So, that’s where the leaning is currently. But that (high adoption in the North) is to be expected because they seem very well organised in terms of networking in the northern part of the country.
“So, I think we’ll see the scepticism that you can find mainly in the southern part begin to disappear when we start paying out,” he added.
However, the Sawyerr said NELFund was playing its part to raise awareness in the South so students in the region would embrace the scheme when disbursements begin.
He also revealed that more university students had applied for loans than students of polytechnics and colleges of education.
“We’re trying to ensure that people know 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.
“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.”
On the exclusion of students from private institutions from accessing the fund, the managing director explained that those institutions charge exorbitant school fees.
He added that should the government fund private university students, it would be unable to meet the expectations of the initiative.
“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 Tinubu, for having the vision and the courage to do what he has just done. 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,” Sawyerr added.
