The Nigerian Education Loan Fund (NELFUND) has dismissed allegations that children of members of the All Progressives Congress (APC) receive preferential treatment under its student loan scheme.
NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyerr, described the allegation as unfounded, insisting that the scheme operates without political, religious or other forms of bias.
Sawyerr spoke during an interview on Channels Television’s Sunday Politics, where he said beneficiaries were selected based on established eligibility criteria and not political affiliations.
He described claims that children of APC members were being favoured as “completely ridiculous”, stressing that the system was designed to operate without bias.
According to him, NELFUND relies on established processes and available information to identify students who qualify for assistance, particularly those struggling to meet their educational expenses.
Sawyerr also said demand for the student loan scheme had been overwhelming, noting that the programme had provided financial relief to students who might otherwise struggle to remain in tertiary institutions.
“The demand has been overwhelming, because clearly a lot of people have struggled to get into these institutions,” he said.
“They are hanging on by the skin of their teeth to stay in the institution, and this programme came as a rescue for them.”
The NELFUND boss disclosed that the fund had so far disbursed about ₦162 billion in upkeep allowances to students across public tertiary institutions.
He said the agency was studying the rising demand and disbursement figures to determine the financial resources required to sustain and expand the programme.
Sawyerr further said the intervention was beginning to influence competition among tertiary institutions, as students with improved access to funding gained greater flexibility in choosing where to study.
He also cited research indicating that the scheme had contributed to a 20 per cent reduction in student dropout rates.
On repayment, Sawyerr said the process would be structured around beneficiaries’ ability to repay, adding that graduates should not be subjected to excessive financial pressure.
He explained that beneficiaries would become easier to trace as NELFUND’s repayment mechanisms continued to develop.
Sawyerr also addressed President Bola Tinubu’s announcement that funds recovered by the Economic and Financial Crimes Commission (EFCC) would be used to support the student loan programme.
He clarified that NELFUND had not yet received the recovered funds.
The student loan programme was established under the Student Loans Act signed into law by President Tinubu in April 2024. It provides interest-free financial assistance to eligible students in public tertiary institutions, covering approved institutional charges and upkeep allowances.
Repayment is scheduled to commence two years after beneficiaries complete their National Youth Service Corps (NYSC) programme.
About the Author
