Tinubu Identifies Education as Vital Tool to Combat Poverty

•Launches education loan fund 

•Sawyerr: Northern institutions top loan applications

•Says southern schools initially skeptical about programme

•NANS President: it’s new dawn in education sector

Deji Elumoye in Abuja

President Bola Tinubu yesterday, launched the much-awaited Nigeria Education Loan Fund (NELFUND), stressing the importance of education as a vital tool in combating poverty as well as achieving national development.

Speaking at the formal launch of NELFUND and the ceremonial disbursement of funds at the State House, Abuja, the President emphasised that education remains the greatest weapon against poverty, providing vision, development and hope.

He noted that without education, conquering insecurity and achieving success was impossible, emphasising that education provides the light at the end of the tunnel, no matter how slow the progress may seem.

Addressing the Board, members and management of the Fund, Tinubu reaffirmed the commitment of his administration to the Renewed Hope Agenda saying democracy was all about inclusiveness.

He added that the target of his administration was to build a fair society built on successful inclusiveness.

“What I believe is that education is the greatest weapon against poverty in any society, without education there is no vision, there is development, you cannot successfully conquer insecurity.

“Education is that light at the end of the tunnel no matter how sluggish you move, it will give you the light and the hope,” he said.

The President further noted that Nigeria would continue to invest in education to empower citizens and deploy it as a tool against terrorism, banditry and insecurity.

According to him: “We are investing, we don’t want to try ignorance as alternative, we want education from foundation to the topmost level.

“There is available here the hope and the genuine and commitment, inclusiveness is what democracy is all about.

“Today I am fulfilling one of my greatest campaign agenda, you cannot find your way if you are not well educated, you cannot even fight terrorism and banditry.

“If we have successful inclusive and loan that is necessary for our people to get educated and invest in their own lives we would have built a fair society and a promise that we will earn a banner without stain to our children.

He also symbolically presented loan cheques to students from each of the six geo-political zones, indicating the beginning of the disbursement of the fund to qualified Nigerian students.

Tinubu, later presented cheques to Vice Chancellors of Bayero University, Kano (BUK), Federal University of Technology, Owerri (FUTO), among other institutions present.

Earlier in his speech, NELFUND’s Executive Secretary, Akintunde Sawyerr, disclosed the portal’s key metrics from 25th May, 2024 to date, saying a total of 164,000 students registered for the loan while 103,000 of them applied.

Sawyerr, added that a total sum of N32 billion was currently available for disbursement to kick start the programme.

According to him, the aim of NELFUND was to empower Nigerian youth by providing fair, transparent funding and removing financial barriers to educational opportunities and academic pursuits.

Reeling out NELFUND’s progress since the launch, Sawyerr said the Fund got key amendments of the Loan Act on April 3, 2024; secured dashboard metrics on May 25th till date as well as the Presidential disbursement of funds on 17th July, 2024.

He explained that students applied for two types of loans – “one is educational fees which is sent directly to institutions and the other is the student application for upkeep loan, which is the loan that covers monthly stipend.”

Speaking with newsmen after the launch, the NELFUND Executive Secretary stated that the Fund has received more loan applications from institutions in the northern part of the country

Sawyerr, attributed the high demand from northern institutions to their proactive approach and effective networking.

He, however, noted that there was growing awareness and interest in the southern regions, despite initial skepticism and concerns about the legitimacy of the program.

The Executive Secretary assured that the disbursement program was real and backed by Tinubu, as he sought to alleviate doubts and increase participation from southern institutions.

His words: “The zones with the highest and the segments of the institutions with the highest, I can say to you that institutions in the north of the country have been very proactive at supporting and helping their students and in providing their data to us.

“So that’s where the leaning is currently, but that’s to be expected because they seem to be very well organized in terms of networking in the northern part of the country.

“In the southern part of the country, there’s growing awareness and there’s growing interest. I think there’s been a lot of skepticism, generally and I think the most skeptical parts of the country is in the south, the question everything; is it true?

“Is it real? Is it a scam? and I think what you witnessed today with us actually starting this disbursement programme is to say that ‘this is not NO FUND, this is NELFUND’.

“We’re trying to ensure that people know that this is not a trick, it’s not a game. Mr. President has backed this with cash and we’re going to disburse that cash. So I think we’ll see the skepticism that you can find mainly in the southern part begin to disappear when we start paying out.”

He explained that universities have the highest demands for loans, followed by polytechnics and colleges of education, a trend expected to continue.

His words: “In terms of the three levels of institutions, the universities are the ones with the highest demand for the loans, then I think it’s followed by the polytechnics and then the teacher training colleges and I think it’s probably going to remain that way, the bias is going to remain that way.”

He explained why private institutions were excluded from the scheme, saying because they charge more expensive school fees, if government provide funds for them, it would be unable to meet up with the expectation of the initiative.

Sawyer affirmed that the loan scheme would have positive impact on many lives in the country, saying “it’s a great privilege, great honour to be able to be part of a programme that will change so many lives over so long a period into the future.”

Also speaking, the national president of the National Association of Nigerian Students (NANS), Lucky Emonefe, described the scheme as a new dawn for the country, saying students were happy to embrace it.

He affirmed that it remains accessible to all students irrespective of their background.

According to him: “Today we are excited, Nigerian students are happy that the dream has come true. It was once a dream, it has become an act and today is the presidential launch and disbursement.

“We are very proud of this. We as Nigerian students will call it a new dawn in the education sector. During the presidential disbursement today, you can see people applying, whatever background you belong to, you can assess the loan. It was so transparent, once you apply you will get it, irrespective of your status, your age and your class.

“Like what Mr. President said and we equally agree with, that it is a tool to fighting poverty. And we can say that, yes, Nigerian students now have access to higher education. We are proud of this. And this is a good legacy and a good investment in the development of our dear nation.

“We’re happy for this, we excited and we embrace it. We are all excited, it is a new dawn in the education sector and we are very happy.”