Managing Director and Chief Executive Officer, Akintunde Sawyerr, has dismissed allegations that the scheme favours children of members of the All Progressives Congress (APC), describing the claim as “completely ridiculous”.
Sawyerr stressed that beneficiaries are selected according to established criteria, rather than political affiliation or connections.
He said the system was designed “without bias”, insisting that political considerations had no place in the selection of beneficiaries.
Addressing repayment, the NELFUND boss said beneficiaries would not be subjected to undue financial pressure, as the repayment structure was designed around their ability to repay after completing their studies.
He added that NELFUND’s ability to trace beneficiaries would improve as its repayment system develops.
Sawyerr also commented on President Bola Tinubu’s announcement that funds recovered by the Economic and Financial Crimes Commission (EFCC) would be channelled into the student loan scheme.
He clarified that although the President had made the announcement, the funds had not yet been received by NELFUND.
The student loan scheme was established under the Student Loans Act signed into law by President Tinubu in April 2024. It provides interest-free financial support to eligible students in public tertiary institutions, covering approved institutional charges and upkeep allowances.
Repayment is expected to begin two years after beneficiaries complete the National Youth Service Corps (NYSC) programme.
