Vice Chancellor of the University of Nigeria, Nsukka (UNN), Prof. Simon Ortuanya, has decried the low participation of students from the South-east in the Federal Government’s Nigerian Education Loan Fund (NELFUND), revealing that only about 7,201 UNN students have so far benefited from the interest-free financial scheme.
He described the level of participation as worrisome, noting that the total number of NELFUND beneficiaries across the entire South-east remained lower than the figure recorded in a single state in Nigeria’s North-east.
Ortuanya made the disclosure on Wednesday while addressing journalists during a pre-convocation press briefing at the university’s Enugu Campus.
He also announced that 12,895 students would graduate during UNN’s 55th Convocation Ceremony: 10,641 students will receive first degrees and diplomas, including 168 first-class graduates, while 2,944 postgraduate students will be awarded higher degrees comprising 1,390 Doctor of Philosophy (PhD) degrees, 1,340 master’s degrees and 214 postgraduate diplomas.
The Vice-Chancellor encouraged students and parents across the South-east to take full advantage of the Federal Government’s interest-free education loan scheme, stressing that many eligible students were missing out on an opportunity to ease the financial burden of higher education.
In his words, “Just last week, we were invited to a meeting where all higher institutions in Enugu State gathered. The statistics presented were worrisome. The whole of the South-East that has accessed NELFUND is not equal to one state in the North-East that has accessed NELFUND.”
He blamed the apathy partly on cultural attitudes towards borrowing, stressing that “this is money that is available at zero interest. It is an opportunity that should not be ignored.”
Explaining why students should embrace the scheme, he argued that beneficiaries stand to lose nothing because repayment attracts no interest.
“If I were a businessman, even if I had money to pay my school fees, I would rather put that money in the bank, take the zero-interest loan, allow my money to earn interest, and when repayment becomes due, I simply pay back the principal and walk away,” he said.
The Vice Chancellor explained that although the number of beneficiaries changes daily as applications are processed, UNN has recorded only about 7,201 beneficiaries so far.
“As at the last count, those who have benefited in the University of Nigeria are still in the neighbourhood of 7,201, but we hope that the number will rise quickly,” he added.
