……limited public awareness remains a challenge due to Nigeria’s vast population – Nelfund MD
By Fatima Saka, Abuja
The Senate Committee on Tertiary Institutions and TETFund, chaired by Senator Mohammed Dandutse Muntari (Katsina South), on Thursday directed the Nigerian Education Loan Fund (NELFUND) to submit a comprehensive written report detailing its operations from 2024 to 2025.
Senator Muntari, during the Committee’s first engagement with the NELFUND management, emphasized the need for transparency and accountability, particularly on the Fund’s financial operations, national coverage, and the equitable distribution of beneficiaries across Nigeria’s tertiary institutions.
He said the committee, which oversees and legislates for the agency, must be fully briefed on its activities. “You have to furnish this committee with detailed information on your operations from inception to date. We want to assess the national spread of beneficiaries, the nominal rolls, and the number of non-violent students from each region,” Muntari stated.
He further directed NELFUND to submit 100 copies of the requested documents by Tuesday for distribution to all members, noting that the committee comprises 54 senators. “This engagement must set the standard. We are determined to ensure that NELFUND meets the aspirations of Nigerians,” he added.
Responding to questions from the lawmakers, the Managing Director and Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, explained that while the student loan initiative is gaining traction, limited public awareness remains a challenge due to Nigeria’s vast population.
“In a country of over 230 million people, we have recorded 581,000 applications in 16 months. It’s impossible for everyone to know about the scheme immediately, even if we had all the money in the world for publicity,” Sawyerr said.
He disclosed that NELFUND has been engaging traditional rulers, student unions, and members of the National Assembly to improve sensitization efforts across institutions.
On the sustainability and repayment structure of the student loan, Sawyerr highlighted that the loan is completely interest-free and designed with flexible repayment terms.
“The law recognizes that graduates may not get jobs immediately. Repayment only begins two years after NYSC, and only if the beneficiary is employed. Even then, repayment is capped at 10% of their income,” he clarified.
Sawyerr added that NELFUND is empowered by law to invest government funds and attract private-sector contributions to sustain the scheme, emphasizing that the focus remains on empowering students rather than burdening them.
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“We’re not focused on chasing repayments. Our priority is to give young Nigerians a chance to secure their future,” he said.
The Senate Committee is expected to reconvene with NELFUND management next week for further deliberations after reviewing the requested documents.
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