Kunle Adelabu
A member of the Governing Council, University of Jos (UNIJOS), Hon. Olawunmi Abdulrasaq Ajetunmobi, has expressed his disappointment at the level of students’ responses to the Nigerian Education Loan Fund (NELFUND) in the Southwest states of the country.
Hon. Ajetunmobi, who is also the General Secretary, Ikorodu Division Apex APC body, revealed that 300, 096 students in Nigeria have so far benefitted from the students support initiative reintroduced by President Bola Tinubu, and added that only 132, 000 students have accessed the loan in the Southwest.
He spoke recently on the issue in Ijede, emphasising that no interest will be paid on the NELFUND and beneficiaries will not be denied their certificates upon graduation because they are not expected to start paying back in installments until they secure a paid employment.
“The federal government has made NELFUND available for students in Federal and State Universities, Polytechnics, Colleges of Educations. Unfortunately, our students are not taking advantage of the loan especially in the Southwest. The fear is that students thought that they may not get their certificates at the end of their programmes if they did not pay back the loan which is not so.
“As at August 7, we have 300,096 students in Nigeria that have benefited from NELFUND, unfortunately, about 1/3 of that figure came from the Southwest, which means that about 132, 000 only have benefited from it.
“It is our people from the north that are benefiting more from this programme that our president has initiated to support students in their education.”
Hon. Ajetunmobi said that findings instructed by the President revealed that the fear of repayment is a major cause of students from the southwest not accessing the loan.
“A major outcome of the findings shows that students are not clear with the repayment of the loan. They entertain fear that they will have to use their certificates to guarantee paying back the money which is not so.
“According to the scheme, beneficiaries will begin repayment of the loan after two years of completion of their NYSC or two years after they start working. It simply means that, beneficiaries will be allowed two years after the completion of their service to look for job or engage in self – employment.
“Another reason for the fear is the perception that they will have to pay interest rate on the loan which is not also true. The loan is actually interest free. They will only pay 10% of their income when they start working or earning every month as installment repayment.
He said that part of what the government has decided to do to encourage students to take more advantage of the loan is to embark on advocacy.
He appealed to parents to urge their children in higher institutions to take advantage of the NELFUND. He added that aside providing the fund for them through their schools, students on the programme are also receiving about N20, 000 monthly for their upkeep.
“The highest of students that applied for the loan in an institution in the Southwest is about 4000., whereas, University of Maiduguri, Ahmadu Bello University among others in the north have over 6000 and 7000 students that are already benefiting from the NELFUND. I just want to appeal to our students to take advantage of the loan to support their education,” Hon. Ajetunmobi appealed.
