The Central Council of Ibadan Indigenes (CCII), led by President-General Barrister Sulaimon Ajeniyi Ajewole, welcomed officials from the National Education Loan Fund (NELFUND) to its November 1st General Assembly meeting at Bode Amao Hall, Ibadan House, encouraging local students to seize opportunities offered by Nigeria’s student loan scheme.
Barrister Ajewole expressed concern about the low participation of southwestern students in the scheme, noting that few have taken advantage of the support. “Our administration recognises the need to raise awareness. It is concerning that many students in our region are yet to maximise this opportunity. I encourage parents, guardians, and significant others to ensure their children access the benefits,” he stated.
The Nigerian Student Loan initiative, introduced by President Bola Ahmed Tinubu through the Access to Higher Education Act of 2023, provides interest-free loans to economically disadvantaged students attending public tertiary institutions, including universities, polytechnics, and vocational schools. Despite its potential to uplift communities, the scheme has seen minimal uptake among Yoruba students, which has prompted a call for increased awareness.
Mr Wale Ogunleye, Head of Information Technology at NELFUND, explained that their mission in engaging with CCII was to dispel any misconceptions about the scheme. “Our goal is to create awareness and encourage parents to allow their children to join NELFUND for unrestricted access to tertiary education,” Ogunleye remarked.
Barrister Ajewole affirmed that this funding has the potential to reduce poverty. “The era of students being unable to afford education is gradually ending,” he noted. “This initiative provides an invaluable pathway out of poverty, and I urge Ibadan indigenes and residents to leverage the opportunity to elevate their status.”
The scheme allows beneficiaries to receive monthly upkeep payments of N20,000 in addition to direct tuition fee payments to their institutions, which are accessible from the first to the final year of study. NELFUND representatives also highlighted that their website includes job postings to aid beneficiaries in securing work after graduation, facilitating seamless repayment.
Beneficiaries are expected to begin repayments two years post-National Youth Service, with deductions of 10% of their monthly salary. For self-employed individuals, 10% of monthly profit will be directed towards repayment. “This is a structured approach to ensure that education remains accessible without burdening beneficiaries upon graduation,” explained Mr Ogunleye.
The initiative, described as both an educational and economic empowerment tool, was praised by CCII leaders and attendees, who expressed optimism that it would boost educational opportunities for underprivileged students in Ibadan and beyond.
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