The Nigerian Education Loan Fund has said it is seeking a firm partnership with the National Youth Service Corps to strengthen the recovery of student loans after Corps Members complete their service year. The Chief Executive Officer of NELFUND, Akintunde Sawyer, stated this during his visit to the Director General of NYSC, Brigadier General Olakunle Nafiu, explaining that the agency wants to study the NYSC system and adopt some of its identity methods to improve loan management.
Sawyer noted that beneficiaries of the education loan are expected to begin repayment two years after completing the NYSC programme. He said the collaboration with NYSC is important because most students who benefit from the loan eventually move into the national service, and proper coordination will help reduce repayment challenges. According to him, “We are here to learn from our big brother, NYSC. We feel that we need to have a strong handshake with you because when they leave us, they come to you. Our exchange of information and collaboration is critical.”
He explained that NELFUND already uses NIN, BVN and JAMB registration numbers to track beneficiaries but hopes to adopt other unique identifiers used for Passing-out Corps Members to support repayment. Sawyer also praised the NYSC leadership for sustaining the ideals of its founders and referred to the Scheme’s achievements, including encouraging inter-tribal marriages among Corps Members.
In his response, the NYSC Director General assured NELFUND of full cooperation toward the success of the loan scheme. Nafiu said the Scheme supports initiatives that help youths achieve their academic goals without financial stress and is willing to work with ministries, departments, agencies and organisations committed to youth empowerment.
He added that the NYSC would assist in sensitizing Corps Members and the public about NELFUND’s activities to ensure the sustainability of the programme.
