NELFUND Managing Director/CEO, Mr. Akintunde Sawyerr, has identified low poverty rates and cultural nuances as key reasons for the lower student loan application numbers in Nigeria’s South-South and South-East regions.
He assured that NELFUND would intensify sensitization and promotional efforts in these areas to boost uptake.
“Some cultures in the geopolitical zones frown on debt and loan-taking, and the poverty rate is low. In states with booming oil industries, governments may provide scholarships and bursaries, which will obviously affect uptake in various ways,” he said.
Sawyer made the observation in his keynote address at NELFUND’s strategic workshop with heads of tertiary institutions on Monday, May 5, in Abuja.
He said: “After eleven months of implementing the programme, we have gained valuable insights into best practices, challenges, and areas for improvement, which is why we are hosting this workshop to share experiences and identify solutions.
“This workshop brings together institutions to reflect on our programme’s progress, discuss identified issues and challenges, and showcase good practices, ultimately informing our path forward.
“The goal is to establish a standard engagement framework and formalize agreements with institutions, outlining obligations and responsibilities through signed agreements and MoUs.
“Education is crucial for individual and national growth, and we want to emphasize that everyone deserves access to it, whether through self-funding or taking a loan, regardless of their background or location.
“Loan processing takes time, especially with our automated system, which ensures thorough verification to prevent scams and racketeering. We have prioritized diligence over speed to safeguard the integrity of the process, protecting the interests of students, institutions, and the country.”
The Chairman, House of Representatives Committee on Students Loans, Scholarships, and Higher Education Financing, Rep. Ifeoluwa Ehindero, said modernizing and streamlining the management, tracking, and delivery of funds to deserving students is crucial for the system’s effectiveness.
The focus of the workshop, according to him, is to provide all stakeholders with the tools and knowledge required to navigate and implement the new automated loan application system.
He said: “Our aim is to create a more transparent, efficient, and responsive process for loan applications, approvals, and disbursement. This is essential for the success of the initiative and will go a long way in ensuring that all our students benefit in a timely and accountable manner.
“As members of the House of Representatives committee on student loans, we have been working tirelessly to ensure that the legislative framework supports and facilitates these reforms.
“However, legislative efforts alone are not enough; we need your expertise, your feedback, and your active participation to ensure that we have a system that works for everyone, from the students applying for loans to the institutions managing the funds.
“The workshop serves as both a training platform and a collaboration opportunity. Through our interaction with NELFUND, your valuable insights will enable us to refine the system, ensuring it meets the needs of our institutions and students.
“The work we are doing today is crucial for Nigeria’s education system, and together, we can ensure no student is left behind due to financial constraints.
“I encourage you to fully engage in this workshop, sharing your experiences, so we can collectively build a robust, equitable, and efficient education financing system for future generations.”
On the significance of the workshop, Prof. Sagir Adamu Abbas, Vice-Chancellor of Bayero University, Kano, (BUK), said the timing of the forum is perfect.
“Given that we have been benefiting from Nelfund, this workshop provides a much-needed opportunity for us to discuss challenges and issues related to the loan.
“We are delighted to have everyone here, and it is a wonderful chance for us to engage and find solutions,” he said.
The Chairman of the Committee of Vice-Chancellors in Nigerian Universities said they face challenges related to students and institutions.
He said: “Regarding students, we have tried to overcome these issues in my institution, but many others still struggle. Students often enter incorrect numbers, make wrong registrations, or provide incorrect account details, leading to various problems.
“Being here today will enable us to address these issues. I urge universities and students to strictly adhere to the template provided by NELFUND which will make it easier for them and for NELFUND to assist.
“For institutions, we have had some communication gaps, which we are working to bridge. If successful, this will greatly help.
“This scheme is very important to us, and we believe it is one of the administration’s most impactful programs. With NELFUND money should no longer be a barrier to accessing education.”
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