NELFUND disburses N206bn in student loans

 

The Nigerian Education Loan Fund (NELFUND) has disbursed more than N206 billion in student loans across 270 tertiary institutions nationwide.

The agency said the funds were released within 23 months of its launch by President Bola Ahmed Tinubu.

According to NELFUND, a total of 1,751,669 applications have been received since the loan portal opened in May 2024, with 1,164,222 students benefiting from the scheme.

Of the total disbursed, N128.84 billion was paid directly to institutions for tuition, while N77.45 billion was provided to students as upkeep allowances to cover academic and living expenses.

The agency also recorded 969 new applications in its latest update, reflecting a 0.1 per cent increase, which it described as continued public interest and trust in the programme.

Speaking on a television programme, NELFUND Managing Director, Akintunde Sawyerr, said the initiative aims to provide interest-free loans to ensure that financial challenges do not prevent students from starting or completing their education.

He assured that no qualified student would be barred from examinations due to lack of funds, while noting that proper checks are in place to ensure transparency and accountability in the disbursement process.

Sawyerr also commended Delta State University, Abraka, for allowing students with verified or approved loan status to sit for examinations upon presenting proof of application, describing it as a student-friendly approach aligned with the scheme’s objectives.

He added that such collaboration supports the broader goal of expanding access to higher education while promoting fairness and inclusiveness.

Meanwhile, the Tinubu Media Support Group (TMSG) described NELFUND’s performance as a significant milestone in the education sector, noting that over 1.16 million students have benefited in less than two years.

The group highlighted that the loans are interest-free, with repayment beginning two years after completing the National Youth Service Corps (NYSC), subject to employment, with provisions for deferment where necessary.

TMSG further stated that participation by 270 institutions and over one million students reflects growing acceptance of the scheme and expressed optimism that more beneficiaries will be reached before the end of the administration’s first term.