President Bola Tinubu has officially flagged off the disbursement of student loans to beneficiaries. The President launched the loan disbursements to applicants on Wednesday at the Presidential Villa in Abuja.
To signal the launch, President Bola Tinubu presented a cheque to the Vice Chancellor of Bayero University Kano, Prof Sagir Abbas and some students. This marks the commencement of a landmark policy, which was equally a major campaign promise of President Bola Tinubu.
The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyer in an interview shortly after the formal launch stated that the student loan scheme will have positive impact on many lives in the country.
“It’s a great privilege, great honour to be able to be part of a programme that will change so many lives over so long a period into the future”, he said.
“The effect of providing this opportunity for the most needy Nigerians, most capable Nigerians in many ways, and the people who probably will look after us, or whose decisions will impact on us in our old age cannot be underestimated. These are the most important people in the country that we’re trying to affect.
“So, I want to give all the praise and all the 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 not just to him, but to the entire nation”, Sawyerr added.
The NELFUND MD also disclosed that southern students seem to be refraining from applying for the student loans because they doubt the viability of the scheme. He noted that more students have applied for the loans in the North because of better coordination by tertiary institutions in the region.
He however added that awareness is now being ramped up in the South about the scheme, hoping that students in the region will embrace it in full when they see that disbursement is in progress.
On why private institutions have been excluded from the scheme, the NELFUND boss explained that it is because they charge more expensive school fees, if the government provide funds for them, they will be unable to meet the expectations of the initiative.
The national president of the National Association of Nigerian Students (NANS), Lucky Imonife, who witnessed the launch of the disbursement said that the scheme is a new dawn for the country and the students are happy to embrace it.
He said: “today we are excited, Nigerian students are happy that the dream has come true. It was once a dream, it has become an act and today is the presidential launch and disbursement. We are very proud of this. We as Nigerian students will call it a new dawn in the education sector.
“During the presidential disbursement today, you can see people applying, whatever background you belong to, you can assess the loan. It was so transparent, once you apply you will get it, irrespective of your status, your age and your class.
“Like what Mr President said and we equally agreed with, that it is a tool to fighting poverty. And we can say that, yes, Nigerian students now have access to higher education. We are proud of this. And this is a good legacy and a good investment in the development of our dear nation.
“We’re happy for this, we excited and we embrace it. We are all excited, it is a new dawn in the education sector and we are very happy”, the NANS president concluded.