December 23, (THEWILL) – The Nigeria Education Loan Fund has revealed plans by the Federal Government to limit interest-free student loans to courses critical to Nigeria’s development.
NELFUND’s Managing Director, Akintunde Sawyerr, made this known during a virtual conference titled “Student Loan Masterclass: Why, What, and How?” organised by The Renewed Hope Global.
Sawyerr explained that the initiative aims to prioritize loans for students pursuing courses aligned with the nation’s developmental needs, rather than those in fields with limited job opportunities and low potential for loan repayment.
“At the moment, all courses are treated the same because we are providing loans to students already in 300 and 400 levels who may be on the verge of dropping out,” Sawyerr said.
He added, “However, there is recognition that some courses are more essential to Nigeria’s growth. For instance, engineering and medical fields are more practical and critical to national development than certain other disciplines.”
He added that approximately 335,000 students across 127 tertiary institutions have so far benefited from the student loan scheme.
Sawyerr noted that the proposed focus on priority courses is not intended to disregard other fields but rather to meet the pressing needs of a developing nation.
“This is not to say we won’t fund other courses, especially those that equip students with skills exportable to other countries. Such individuals could contribute to the Nigerian economy by remitting funds back home,” he stated.
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