Tinubu launches students’ loan fund

President Bola Tinubu has launched the Nigeria Education Loan Fund (NELFUND), highlighting education as a crucial tool in the fight against poverty.

During the launch at the State House in Abuja on Wednesday, President Tinubu emphasised that education was the greatest weapon against poverty; providing vision, development and hope.

President Tinubu reaffirmed his administration’s commitment to the Renewed Hope agenda, stressing that democracy was about inclusiveness.

He said, “I believe education is the greatest weapon against poverty in any society. Without education, there is no vision or development, and you cannot successfully conquer insecurity.

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“Education is that light at the end of the tunnel. No matter how sluggish you move, it will provide light and hope.”

The president reiterated Nigeria’s commitment to investing in education to empower its citizens and use it as a tool against terrorism, banditry and insecurity.

Symbolically, the president presented loan cheques to students from each geo-political zone, marking the beginning of the fund’s disbursement to qualified Nigerian students.

He also presented cheques to the VCs of Bayero University, Kano (BUK), Federal University of Technology, Owerri (FUTO) and other institutions present at the event.

The Managing Director of NELFUND, Akintunde Sawyerr, said the fund received a higher number of loan applications from institutions in Northern Nigeria compared to the Southern region.

Addressing State House reporters on Wednesday after the presidential launch of NELFUND, Sawyerr attributed the disparity to the proactive approach and effective networking among Northern students.

He said, “We want to ensure that people know this is not a trick or a game. Mr President has backed this with cash, and we are going to disburse that cash. I believe the scepticism, particularly in the Southern part, will disappear as we start making payouts.”

He further said that universities had the highest demand for the loans, followed by polytechnics and teacher training colleges.