The Nigerian Education Loan Fund (NELFUND) has reassured students that beneficiaries of the student loan scheme will not face any restrictions on traveling abroad after graduation.
This clarification was made by the Managing Director and Chief Executive of NELFUND, Akintunde Sawyerr, during a sensitization program at Edo University, Iyamho, on Wednesday.
Addressing concerns about potential travel limitations, Sawyerr emphasized that the law establishing NELFUND does not impose any restrictions on graduates seeking employment opportunities abroad.
“The law that set up the Nigerian Education Loan Fund does not limit your ability to go and look for work wherever you want. You are not tied. It doesn’t say you cannot leave Nigeria because you have a loan with us. You can go wherever you want to go in the world,” Sawyerr stated.
However, he urged beneficiaries to act responsibly by repaying their loans, even if they secure jobs outside Nigeria. “I think the right and proper thing to do, if you have a loan in Nigeria and you want to get a job somewhere else, is to pay the loan yourself back to your country,” he added.
Sawyerr encouraged students to take advantage of the interest-free loan scheme, which eases the financial burden of education on families. He highlighted the unique benefits of the loan, describing it as an opportunity that could impact future generations.
“NELFUND is different from all other types of loans. It is the only loan you can take to acquire something that can never be taken away from you,” he said.
The NELFUND boss also revealed that the Fund has received 520,000 registrations and 419,000 applications, with 261,000 students already paid both upkeep and institutional fees. He stated that NELFUND is prepared to disburse N135 billion if all pending applications are processed.
Edo State Commissioner for Education, Dr. Paddy Iyamu, pledged the state government’s commitment to ensuring students fully utilize the scheme. “We want the students of those schools to apply so that they can benefit from this programme because it is highly laudable and beneficial,” Iyamu said.
Acting Vice Chancellor of Edo University, Prof. Dawood Egbefo, praised the initiative, revealing that 51 students from the university had already benefited from N61.4 million in funding during the 2023/2024 academic session.
The NELFUND scheme continues to gain traction as a transformative initiative in Nigeria’s education sector, offering students a lifeline to pursue their academic dreams without financial constraints.