Student Loan Disbursements Reach N10 Billion, 350,000 Applications Submitted – NELFUND

NELFUND has disbursed over N10 billion in student loans, received 350,000 applications, and aims to distribute 90 billion naira to support education access, with a focus on inclusivity and strategic oversight to address future challenges under the 2024 Student Loan Act.

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, announced that over N10 billion has been disbursed, with more than 350,000 applications received so far.

Speaking during a meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing in Abuja, Sawyerr reaffirmed the fund’s goal of disbursing 90 billion naira to support students’ tuition and stipends, ensuring that every Nigerian, regardless of background, can access education.

Sawyerr highlighted inclusivity, noting special attention to students with disabilities and efforts to promote girl-child education. He stressed that neglecting youth education could lead to national instability, given that 70% of Nigeria’s population is under 35.

He also discussed NELFUND’s outreach efforts, especially in underserved areas like the South East, which have led to increased applications, and emphasized the importance of working closely with the committee to build an effective loan system.

The committee’s chairman, Rep. Gboyega Isiaka, acknowledged NELFUND’s importance but expressed concerns about its capacity to manage the fund efficiently, calling for strategic oversight to address future challenges.

The revised 2024 Student Loan Act aims to remove financial barriers to education, with funding sourced from government revenues, taxes, and donations. The loans cover tuition and living expenses, with repayment starting two years after beneficiaries complete their NYSC program.

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SOURCES: ALLSCHOOL, NAIRAMETRICS