FAVOUR ISHEMBER, Abuja
In a bid to cover both tuition fees and students’ living expenses,thereby easing access to higher education for financially disadvantaged learners, the Nigerian Education Loan Fund (NELFUND) has released over N206 billion to students across 270 institutions nationwide within 23 months of its inauguration by President Bola Tinubu.
The Managing Director of NELFUND, Mr. Akintunde Sawyerr, disclosed this during a recent interview on Arise TV, where he highlighted the Fund’s operations and expanding reach.
According to him, the latest data underscores the scheme’s growing influence in widening access to tertiary education. Since the application portal was opened in May 2024, the Fund has received a total of 1,751,669 applications, out of which 1,164,222 students have successfully benefited from the programme.
Providing further details, Sawyerr explained that N128.84 billion of the total disbursement was paid directly to 270 beneficiary institutions to cover tuition fees, while N77.45 billion was distributed to students as allowances for their upkeep.
He also noted that the scheme continues to witness steady growth, with the most recent update recording an additional 969 applications—representing a 0.1 per cent increase—an indication of sustained public interest and confidence in the initiative.
Sawyerr reassured Nigerian students that no qualified beneficiary under the scheme would be prevented from sitting for examinations due to financial difficulties.
He emphasized that the initiative, introduced by President Tinubu, is aimed at removing financial obstacles to tertiary education through the provision of interest-free loans with flexible repayment options.
“We started the scheme of His Excellency President Bola Ahmed Tinubu, GCFR, to provide students with loans, interest-free loans, with very, very soft terms, to ensure that the situation we’ve had in this country for so long, where so many cannot commence tertiary education or are forced to drop out because of lack of funds, is addressed,” he said.
He also emphasized that although NELFUND is dedicated to ensuring prompt release of funds, the nature of government financing requires adherence to rigorous institutional procedures to guard against misuse and ensure accountability.
Responding to the scheme’s progress in less than two years, the Tinubu Media Support Group (TMSG) hailed NELFUND’s performance as a significant milestone and a game-changing intervention within Nigeria’s education sector.
In a statement jointly issued by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group noted that the Fund has become a central pillar in advancing President Tinubu’s Renewed Hope agenda, especially in fostering broader and more inclusive access to tertiary education.
“It is gratifying to note that in less than two years of its launch, NELFUND has disbursed N206.29 billion in student loans to over 1.16 million beneficiaries,” the group stated, noting that the agency had little institutional framework to build upon at inception.
The group recalled that President Tinubu prioritised student financing early in his administration by signing into law a student loan bill, later strengthened by a more comprehensive legislation passed by the 10th National Assembly in March 2024.
According to TMSG, the scheme’s rapid growth reflects its credibility, despite initial skepticism and attempts by some individuals to discredit the initiative. It noted that participation by 270 institutions and over a million students demonstrates widespread acceptance.
“This is a verifiable and measurable intervention aimed at ensuring that no Nigerian is denied access to tertiary education due to financial constraints,” the statement added.
The group also pointed out that the loans attract no interest, with repayment designed to begin two years after beneficiaries complete the National Youth Service Corps (NYSC), and only upon securing employment, while allowing for possible deferment where necessary.
While applauding the leadership of NELFUND for maintaining transparency and consistent engagement with the public, TMSG expressed confidence that the number of beneficiaries would rise substantially before the end of the administration’s first term.
The group further called on Nigerians to sustain their support for government programmes geared toward advancing inclusive growth and strengthening human capital development nationwide.
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