The Nigeria Education Loan Fund (NELFUND) has announced plans to revise its policy regarding the interest-free loans offered to students, with some courses likely to be excluded from eligibility.
Akintunde Sawyerr, the Managing Director of NELFUND, made the announcement during a virtual conference hosted by The Renewed Hope Global, titled ‘Student Loan Masterclass: Why, What, and How?’
Sawyerr explained that the fund aims to focus on courses that align with the nation’s needs, especially those that offer better job prospects and increase the likelihood of loan repayment.
Currently, all courses are treated equally, but this may change in the future to prioritize fields that contribute more directly to the country’s development.
He clarified, “At the moment, we’re treating all courses the same, particularly for students in their third and fourth years, to avoid discrimination, especially as some of them may be on the verge of dropping out.
“However, we recognize that certain disciplines are more crucial for national growth.”
Sawyerr emphasized that while courses like language studies are valuable, they are not as directly relevant to Nigeria’s current development needs as more practical fields, such as engineering or medicine.
He further noted that some courses, like those offering exportable skills, would still be funded.
So far, the initiative has benefitted 335,000 students across 127 tertiary institutions.
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