Recall, NELFUND spokesman Nasir Ayitogo in a release said “the management of Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Mr Akintunde Sawyerr said NELFUND is thrilled to announce the 24th of May, 2024 as the official date for the opening of the portal for student loan applications.”
According to the statement explained that “through the portal, students can now access loans to pursue their academic aspirations without financial constraints. The portal provides a user-friendly interface for students to submit their loan applications conveniently,” the statement further read.
“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation. Students can access the portal on http://nelf.gov.ng to begin application.”
While some commended the government for her initiative and that it would go a long way in helping the indigent students others felt, government ought to make education free at all levels, arguing that it is within the reach of the federal and the other two tiers of government to make education free at all levels.
Top society reports that part of the negative feelings about the loan is that, the unemployment rate which is at a high level may frustrate the beneficiary from getting means of reimbursing government.
Left to the leader of the Campaign Against Impunity, Mr Shina Loremikan, expressed, “talking of giving students loan at this level of advancement in the world is backwardness to the country,and a sign that the nation is in a slide, rather than advancing.”
He recalled that 41 years ago when the presidential candidate of the Unity Party of Nigeria(UPN) now defunct, was at Tafawa Balewa Square, Lagos Island to campaign he said education would be free at all levels, and as well give students bursary.
“I can recall that in 1983, when Chief Obafemi Awolowo was campaigning at Tafawa Balewa Square, Lagos he said education would not only be free to University level, but he would also pay bursary to students, which is like Salary, even as student, Awolowo was saying he would pay bursary.
“Now, Awo said that 41 years ago and 37 years now that Awolowo died, we are saying, we still want to give students loan and that, they will pay back, and if they don’t pay they will hold their parents accountable for it, it is backwardness.”
Loremikan said the best the government in power should do is to make education free at all levels, stressing that government have the wherewithal to pursue it, but priorities are misplaced in the country.
He stressed that, if government could finance people going on pilgrimage, why not plough that money to develop the students, just as he wondered of what significance is the pilgrimage to the advancement of the country, he suggested such money could have been invested in the future leaders of the nation.
“The student loan that we are talking of, people have just gone to Mecca you see the budget allocated by local government, state government, federal government supporting pilgrimage. Local government, State government, Federal government are not interested in funding education.
“What we are saying is that, with the level of educational understanding that we have in Nigeria, education should be free at all levels.
In some countries, if you finish your first degree, and you have strong academic standing to continue to master level, you will go for it, and all expenses will be paid by the government, in the same country if you have the academic capacity to go for a PHD all expenses will be paid by government.There are countries that do that.
“We are saying, if today parents struggle to pay or sponsor their children or child for university education and the students go for youth service and they can’t get a job immediately, and even when they get a job, their take home is not sufficient to live on, with all those scenarios, you are now saying since you give them a loan, they should come and pay back the loan.
“When will such a student be stabilised to rent a house and have a family, it is backwardness and with what we see, what the elite are doing in Nigeria today.” Loremikan submitted.
Drumming support for the introduction of student loan, the secretary of Campaign for Democracy CD, Comrade Femi Lawson said the possibility of the loan beneficiary paying back the loan is not as high as the impossibility.
“If you look at the rate of unemployment, economic growth and other challenges, you will discover that a larger percentage of graduate of higher institutions are not only unemployed, but you know government alone cannot guarantee jobs.
“As much as government expect refund from those who have benefited from this loan, government must as well be able to encourage job creation, by encouraging private sector, encourage investment from both local and foreign investors.
“A lot of the students are looking forward to government job after serving the nation NYSC scheme.
“If they keep looking out to government jobs, which is scarce, that will not guarantee opportunity to pay back the loan,” he said.
Comrade Lawson was however, pessimistic on the probability of the loan quickly offset by the beneficiary, “even those who may be lucky to get the government job, they will find it difficult to cope with the minimum wage that federal government is proposing which may not be sufficient to feed on, you begin to ask yourself the feasibility of the terms and conditions of paying back the loan.
“I believe the law setting up the loan, should be subjected to a lot of review as the offering of the loan continues.”
He noted that since the Scheme is just being launched, it may be subjected to some flaws, but everything shall be perfect as the scheme continues, “though, this is the first time, they may not be perfect with it now, but i believe a lot of reviews need to be considered.
“If you look at our economy situation, particularly the issue of unemployment, the underemployment, and a lot of the tertiary institutions grounded in Nigeria.”
On the possibility of every students that apply getting the loan, he said not every students that apply will get the loan because the loan cannot go round all the applicants.
“There will be a lot of criteria, there will be selection process, there will be screening, there is a lot of verification that have to be made, and the beneficiaries have to be indigent students.”
On how to determine who is an indigent students, he said the committee will know, and that is the essence of setting up the committee, that will do verification of applicants and as well interview them. “It will not just be a blank arrangement, a lot screening just have to take place.”
On the student loan beneficiary defaulting, he said he doesn’t know the punishment to be met out to defaulter but he knew there must a penalty for defaulting.
“I know that, an average person will not like to default because it may have negative effect on them in future.” Comrade Lawson said.
