The Central Council of Ibadan Indigenes under the leadership of Barrister Sulaimon Ajeniyi Ajewole hosted representatives from National Education Loan Fund, NELFUND office, Abuja at it’s 1st November General Assembly meeting of all Ibadan sons and daughters at the Bode Amao Hall of Ibadan house, with a call on Ibadan Indigenes to explore opportunities in the project.
In his address, Barrister Ajewole stated that his administration was worried that majority of students from southwest based institutions are yet to maximise the opportunity provided by the fund He stated that his administration saw the need to raise the awareness since there was low enrollment among students from this side of the country and advised parents, guardians and significant others to maximise the opportunity for their children.
It would be recalled that the Nigerian Student Loan initiative was championed by President Bola Ahmed Tinubu and enacted through the Access to Higher Education Act of 2023, with the aim to provide interest-free loans for underprivileged Nigerian students attending public tertiary institutions, including universities, polytechnics, and vocational schools. Despite its wide-reaching benefits, data shows a surprising underutilization of this loan scheme by Yoruba students, raising concerns about the need for increased awareness within the community.
In their presentation, the representatives from the NELFUND office, Abuja, Mr Wale Ogunleye, (Head of Information Technology, who led the team ,; Mr Gbadamosi Oriyomi (PA to the MD/CEO of NELFUND) and Mr Waziri Idris of Corporate Communications, states that the students’ loan is designed to make higher education “accessible to more Nigerians, allow students from low-income families (earning less than N500,000 annually) to access funds for tuition and other essential fees. Beneficiaries are expected to start repaying the loan two years after completing the National Youth Service, with repayment structured at a 10% deduction from monthly salaries.
Mr Wale Ogunleye explained that for self-employed individuals, 10% of their monthly profit will be deducted until the loan is fully repaid. The structured approach aims to make education accessible while balancing repayment obligations for beneficiaries once they begin earning income, the team submitted He further stated that while the tuition fee will be paid directly into the beneficiary institution account, #20,000 is to be paid to the beneficiary personal account for upkeep at the end of each month, and that the loan can be accessed from first year up to the students final year in school The team stated that NELFUND on its website also has a platform for job adverts for beneficiaries to assist them.secure jobs to facilitate swift and seamless repayment of the loan secured for fund their tertiary education and encouraged students and parents to explore the benefits of the scheme. The NeLFUND team stressed that the programme not only provides financial relief but also opens doors for educational and economic empowerment across Nigeria.
“The mission of the NELFUND team for engaging with CCII is to create awareness. dispel all misinformation around it’s operations and encourage parents to allow their children get onboard NELFUND for unrestricted access to tertiary education.”
The President-General of CCII reiterated that with the provision of the fund, the era of indigent students is gradually coming to an end and implored both Indigenes and residents of Ibadan to leverage on the opportunity as it aims to position education as a tool to combat poverty and elevate their status
