The Nigerian Schooling Mortgage Fund (NELFUND) has assured college students that beneficiaries of the scholar mortgage scheme is not going to be restricted from travelling overseas after commencement.
Managing Director and Chief Govt of NELFUND, Akintunde Sawyerr, made this clarification throughout a sensitization programme at Edo College, Iyamho, whereas addressing college students’ considerations about potential journey limitations.
Sawyerr emphasised that the legislation establishing NELFUND doesn’t impose any journey restrictions on beneficiaries.
“The legislation that arrange the Nigerian Schooling Mortgage Fund doesn’t restrict your potential to go and search for work wherever you need. You aren’t tied. It doesn’t say you can’t go away Nigeria as a result of you may have a mortgage with us. You may go wherever you wish to go on the earth. It’s not doable so that you can say that I can’t journey around the globe,” Sawyerr said.
Nonetheless, he suggested that college students ought to take duty for repaying their loans, even when they safe jobs outdoors Nigeria.
“I feel the best and correct factor to do, in case you have a mortgage in Nigeria and also you wish to get a job some other place, is to pay the mortgage your self again to your nation,” he added.
Curiosity-free reimbursement construction
Sawyerr inspired college students to embrace the scheme, highlighting its distinctive advantages in comparison with different mortgage varieties.
“I need you to embrace it and I need you to behave upon it as a result of, in case you miss this chance, it’s one that can have an effect on generations… You already know why? As a result of NELFUND is totally different from all different sorts of loans. It’s the solely mortgage you possibly can take to accumulate one thing that may by no means be taken away from you,” he defined.
- In keeping with him, the reimbursement construction is interest-free, even when repayments prolong over a decade.
- Sawyerr additionally supplied updates on the disbursement course of, revealing that NELFUND is ready to distribute N135 billion as soon as all purposes are processed.
“We’ve got obtained about 520,000 registrations and about 419,000 purposes. We’ve got processed and paid 261,000 college students. Each maintenance and institutional charges. Our whole publicity right now, if we have been to pay all people that has utilized, is someplace within the area of N135 billion. However we have now not processed all these individuals. We’ve got obtained the cash and we’re prepared in case all of them get processed. We are able to disburse N135 billion,” he disclosed.
College officers commend initiative
Appearing Vice Chancellor of Edo College, Professor Dawood Egbefo, applauded the initiative, noting that 51 college students from the establishment had already benefited from N61.4 million in funding in the course of the 2023/2024 tutorial session.
Throughout an earlier sensitization go to to Ambrose Alli College, Ekpoma, NELFUND expressed concern over low utility numbers, revealing that solely 102 college students had utilized, amounting to lower than N20 million in disbursements.
Lami Suwaid, Director of Mortgage Allocation and Distribution at NELFUND, inspired the college to reap the benefits of the brand new registration cycle to spice up participation.
