Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, says the agency has received more loan applications from institutions in the northern part of the country than those in the south.
Addressing State House Reporters after President Bola Tinubu launched NELFUND on Wednesday, Sawyerr attributed the higher demand from northern institutions to their proactive approach and effective networking among students.
Sawyerr noted that Tinubu fully supports the disbursement program. He also mentioned growing awareness and interest in the southern regions despite initial scepticism about its legitimacy.
He said: “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. 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 interest. I think 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 starting this disbursement program is to say that ‘this is not NO FUND, this is NELFUND.’
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“We’re trying to ensure that people know this is not a trick but a game. Mr. President has backed this with cash, and we will disburse that cash. So I think we’ll see the scepticism in the southern part begin to disappear when we start paying out.”
He explained that universities have the highest demand for loans, followed by polytechnics and teacher training colleges, a trend expected to continue.
“In terms of the three levels of institutions, the universities have the highest demand for loans, followed by the polytechnics and teacher training colleges. I think it will probably remain that way; the bias will remain that way,” Sawyerr explained.
He emphasized the loan scheme’s positive impact on many lives in the country, saying, “It’s a great privilege, great honour to be part of a program 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, the most capable Nigerians in many ways, and the people who probably will look after us or whose decisions will impact us in our old age cannot be underestimated. These are the most important people we’re trying to affect in the country.
“So, I want to give all the praise and 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 to him and the entire nation,” he said.
