The Nigerian Education Loan Fund (NELFUND), announced plans to introduce specialised software designed to help students with disabilities in higher institutions fully access its loan scheme.
Akintunde Sawyerr, Managing Director/Chief Executive of NELFUND, revealed this development during a stakeholder’s engagement on student loans in Benin City, Edo State, as stated in a press release by the Fund on Sunday.
Sawyerr highlighted that the law underpinning the loan scheme ensures equal opportunity for all students.
He further explained that NELFUND is collaborating with the National Commission for Persons with Disabilities to enhance inclusivity.
“We want to make it easier for those who are visually impaired to apply for the loan.
We are developing specific software to help with that,” Sawyerr said.
The event, which was attended by religious leaders, parents, persons with disabilities, government officials, teachers, and community representatives, marked a significant milestone for the initiative under President Bola Tinubu’s administration, which Sawyerr described as a transformative step for Nigeria’s education system.
Addressing concerns about loan repayment in the event of a beneficiary’s death, Sawyerr assured, “The law states that if the person dies, the loan is not transferred to their family or anyone else.
The loan is wiped out.”
Sawyerr reiterated the government’s commitment to making tertiary education accessible to all Nigerians, emphasizing that “President Bola Ahmed Tinubu’s initiative ensures no Nigerian student is deprived of tertiary education due to financial constraints.
This vision led to the creation of the Nigeria Education Loan Fund, which has been funded and supported by the political will of the President.
Through this initiative, we are identifying students at risk of dropping out due to financial challenges and working to solve their problems.”
Edo State Deputy Governor, Dennis Idahosa, expressed his gratitude to the federal government for making the student loan scheme a reality.
“Before now, many families faced significant challenges paying school fees for students across the country.
I want to thank President Bola Tinubu for this initiative, as well as Femi Gbajabiamila, the former Speaker of the House of Representatives, who sponsored the bill in the 9th Assembly that led to the President’s assent,” Idahosa said.
He further committed to collaborating with NELFUND for aggressive sensitization to ensure that students in Edo State fully benefit from the loan scheme.
During the engagement, Edo State Commissioner for Education, Dr. Paddy Iyamu, lightened the atmosphere with a humorous remark, advising parents not to have more children simply because NELFUND would cover the cost of their tertiary education.
“To my men folk, don’t begin to fire on because of NELFUND,” he joked, drawing laughter from the audience.
Iyamu described the scheme as nearly free, owing to its zero-interest nature.
He explained that loan repayments would begin two years after completing the National Youth Service Corps (NYSC) and when beneficiaries are employed, with deductions set at 10% of their salary.
