“It will encourage people to seek knowledge”: Tinubu launches student loan

President Bola Tinubu says the provision of student loans will encourage more people to seek knowledge, pursue studies and make valuable contributions to national development.

Tinubu, who launched the NELFUND digital disbursement exercise at the Presidential Villa, Abuja on Wednesday, July 17, 2024, said the Nigerian Education Loan Fund (NELFUND) will thrive on equity and fairness and promote inclusiveness by removing the financial barrier to higher education for Nigerian students.

The President further expressed his determination to ensure the success of the Fund and the realisation of the dream of higher education by indigent Nigerian students, saying: “The tool is there and the hope is here; genuine, and the commitment to inclusiveness is what characterises democracy.

“I’m keeping one of my biggest campaign promises. We’re building an inclusive society. You can find a lot of ways around any opportunity, but you can’t find a way if you’re not well-educated.”

Tinubu described education as an essential antidote to some of the challenges facing the nation, adding: “We cannot even fight terrorism and banditry if there is no inclusiveness and if our people are not properly educated and cannot invest in their lives.

“I promise that we will hand over to our children a spotless banner. Therefore, it is an honor for me to launch the portal.”

President Tinubu, who handed over the cheques to some students and institutions managed by NELFUND, then commended the Chairman of the Fund, Jim Ovia, and the Managing Director, Akintunde Sawyerr, for their efforts in leading this important agency.

In her speech, Ovia thanked the President for the privilege of serving the nation.

For his part, Sawyerr said the funds were sufficient to meet the initial requests of students across the country.

“Your Excellency, at this stage we have more than enough funding. When we start promoting properly, we may need more funding, but at this time we can disburse to any individual who has applied,” he said.

Sawyerr added that the portal opened on May 25 and has so far received 110,000 applications, with more than 164,000 visits; noting that applications are increasing every day.

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