Chidimma Uchegbu
The Nigerian Education Loan Fund, (NELFUND), has disbursed over N206 billion to students across 270 tertiary institutions nationwide, within 23 months of its launch by President Bola Ahmed Tinubu, marking a major stride in expanding access to higher education.
Latest data from the Fund show that 1,751,669 applications have been received since the portal opened in May 2024, with 1,164,222 students successfully benefiting from the scheme.
The figures underscore the programme’s growing reach and its role in addressing financial barriers to tertiary education.
A breakdown of the disbursement indicates that N128.84 billion has been paid directly to beneficiary institutions as tuition fees, while N77.45 billion has been released to students as upkeep allowances.
The dual approach is designed to ease both academic and living expenses, particularly for indigent students.
NELFUND has also recorded steady growth, with 969 new applications in its latest update, reflecting sustained public interest and increasing confidence in the initiative.
Speaking on the Fund’s operations, Managing Director, Akintunde Sawyerr, assured that no eligible beneficiary would be prevented from sitting examinations due to financial constraints.
He explained that the scheme provides interest-free loans with flexible repayment terms to ensure that students are not forced to abandon their education lack of funds.
Sawyerr noted that while the Fund prioritises prompt disbursement, it adheres to strict institutional processes to safeguard public resources and prevent misuse.
In a related development, NELFUND commended Delta State University for adopting a student-friendly policy that allows candidates with “Verified” or “Disbursed” loan status to sit for examinations upon presenting proof of participation in the scheme.
According to a statement by the Director of Strategic Communication at NELFUND, Mrs. Oseyemi Oluwatuyi, Sawyerr described the directive as a model of institutional collaboration aimed at supporting students’ academic continuity.
“This approach reflects a clear understanding of the Fund’s objective, to ensure that no Nigerian student is denied access to education because of financial constraints,” Sawyerr said, adding that such initiatives promote inclusivity across tertiary institutions.
Reacting to the programme’s performance, the Tinubu Media Support Group described NELFUND as a transformative intervention and a key driver of the administration’s Renewed Hope agenda.
The group noted that the scheme’s rapid expansion, despite initial skepticism, demonstrates its credibility and acceptance, with participation spanning over a million students and hundreds of institutions nationwide.
It further highlighted that the loans are interest-free, with repayment structured to begin two years after completion of the National Youth Service Corps, subject to employment, alongside provisions for deferment where necessary.
While commending NELFUND’s transparency and engagement, the group expressed optimism that the number of beneficiaries would rise significantly, urging continued support for initiatives that promote inclusive growth and human capital development.
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