The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of over N73.2 billion in interest-free loans to 396,252 students across Nigeria’s 36 states and the Federal Capital Territory, marking a major milestone in its first year of operation.
Speaking during a media engagement in Abuja on Thursday, NELFUND Managing Director, Akintunde Sawyerr, revealed that the Fund had received 645,692 applications, with 94 percent of them processed from 206 tertiary institutions nationwide.
“For the first time in our nation’s history, students are gaining structured, interest-free access to education finance through a national public fund,” Sawyerr said, describing the initiative as a bold step backed by political will to support undergraduates facing financial difficulties.
He explained that the initiative, launched by President Bola Tinubu, is aimed at democratising access to higher education and skill development through sustainable and transparent funding.
“Since our application portal opened in May 2024, we’ve seen measurable and meaningful progress. Many beneficiaries are first-generation students in tertiary institutions,” he noted.
Sawyerr also underscored the digital-driven nature of the loan system, which allows for seamless application processing, tracking, and verification. Despite the significant progress, he admitted that the programme faced challenges, including data mismatches, verification delays, and the spread of misinformation.
He assured the public of NELFUND’s ongoing commitment to transparency and system improvement, noting that staff continue to engage directly with applicants, train institutional focal points, and address issues promptly.
Sawyerr, however, expressed concern over rising misinformation on social media, warning that it could erode public confidence in the Fund. He urged Nigerians to seek accurate information directly from NELFUND channels rather than relying on unverified claims.
The education loan programme is a flagship policy of the Tinubu administration, designed to ensure no Nigerian student is denied education due to lack of funds.
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