Campus News

NELFUND urges UNILORIN students to embrace loan scheme

By Tajudeen Babamale

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Oluwole Sawyerr, has urged financially-challenged students of the University of Ilorin to take advantage of the education loan scheme as a lifeline to complete their studies with ease.

Mr Sawyerr gave this advice while addressing  students of the University at an interactive session last Thursday (October 2, 2025)at the University Auditorium.

The Managing Director lamented that many undergraduates in Nigeria often drop out of school after several years due to financial difficulties, which ultimately wastes their academic efforts.

He, however, explained that NELFUND was birthed by the administration of President Bola Ahmed Tinubu, GCFR, to prevent such setbacks and to support students in attaining their full potential in various professions.

The NELFUND’s Chief Executive explained that education remains a foundation for national growth, adding that countries regarded as advanced only achieved such status because their citizens are well-educated. “This is a serious conversation because the consequences of not being able to complete your education, or attain education at this level, are not just a problem for you as an individual but for us as a nation. Most of the countries we refer to as advanced are only advanced because their people are educated, knowledgeable, and certified. When you look at the countries people migrate to, they go there because things work. Why do things work? It is because the populace is well educated and able to apply that education to improve the situation for their people.”

He added, “I’m talking about competitiveness. Competition is what makes people excel. Human beings compete with one another, institutions compete with one another, and nations compete with one another. Without an educated populace, our country cannot compete. If our country cannot compete, our standard of living will not improve. When the standard of living remains low, crime rates increase, which leads to more victims, and the cycle continues”.

Mr Sawyerr also used the occasion to provide clarifications on the operations of the scheme, including eligibility, upkeep allowance, repayment, and institutional processes.

He explained that the scheme also covers 100-level students who applied. In cases where applicants had not yet been issued matriculation numbers, he said NELFUND communicated with their institutions to allow them to use their JAMB registration numbers pending the issuance of matriculation numbers.

On upkeep allowance, he stated that beneficiaries who apply at the beginning of a new academic session will continue to receive the allowance until the session ends, even during breaks, adding that, ₦240,000 was budgeted per student per session for the upkeep package.

Addressing concerns about disparities between actual school charges and amounts allocated by NELFUND, Mr Sawyerr said that the figures are based on information supplied by the institutions, adding that differences sometimes arise due to variations across sessions or levels, but schools are expected to refund students in cases where they had earlier paid before NELFUND settled their fees.

On National Identification Number (NIN) challenges, the Managing Director assured that the issues would be resolved before the portal reopens in the second week of October, to enable concerned students to apply. He further explained that the fund currently prioritises support for first-degree students before extending coverage to postgraduate students.

While applauding the management of the University of Ilorin for its approach to the scheme, the NELFUND boss also commended the institution for its advanced technological processes, noting that its high level of automation has made disbursement smoother.

He explained that NELFUND is still an evolving system and that many institutions are yet to fully meet the technical requirements. He added that efforts are ongoing to streamline operations so that beneficiaries’ portals will automatically reflect new sessions as schools resume.

Speaking earlier, the Vice Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole, SAN, expressed deep appreciation to the Federal Government and the Nigerian Education Loan Fund (NELFUND) for extending the education loan scheme to students of the institution and for coming for the sensitisation programme.

Prof. Egbewole described the initiative as a landmark intervention that will significantly ease the financial challenges faced by many students, reduce dropout rates, and guarantee uninterrupted learning. He noted that the scheme aligns with the Federal Government’s vision of expanding access to higher education and building a knowledge-driven economy.

The Vice Chancellor further commended the leadership of NELFUND for its proactive engagement with the University community and for providing clarifications that will help students maximise the opportunities presented by the loan. According to him, the initiative will not only empower individual students but will also strengthen the nation’s human capital and enhance competitiveness on the global stage.