The Nigerian Education Loan Fund (NELFUND) has disbursed over N10 billion in loans to 40,000 students across the country, according to Akintunde Sawyerr, Managing Director of NELFUND.
Speaking on Channels Television’s “Politics Today,” Sawyerr said at least 370,000 students have registered on the NELFUND portal, with 280,000 applying for loans. The remaining 89,000 have logged in but have yet to complete the application process for various reasons.
Nigerian students in Nigerian universities, polytechnics, and colleges of education are eligible to apply for the loans; institutional fees, and upkeep loans. “Institutional fees are paid per session, while upkeep fees are disbursed monthly,” Sawyerr clarified. He added that the current arrangement provides students with a monthly stipend of N20,000 (est $12) to support their living expenses. Plans are underway to increase this amount in the future.
The NELFUND has committed to paying N30 billion in institutional loans and N60 billion for student upkeep, reinforcing its dedication to making education accessible to disadvantaged students across Nigeria. To ensure the safety of the funds and avoid the risks associated with manual processes, NELFUND is partnering with banks to create a secure environment, particularly to address potential internet exclusion challenges.
“We are careful about going manually because of the danger of handling large sums of funds,” Sawyerr emphasized. Addressing delays in disbursement, he noted that these are often due to verification requirements. “When applications are received, we send the list to the institutions to confirm the studentship, and sometimes there is a delay in this process,” he explained.
Sufficient Funding
Sawyerr reassured students that NELFUND is not short of funds, as the presidency has made ample resources available. “Our mission is to catch as many students as possible, especially those facing financial challenges, to help them continue their education,” he added.
The NELFUND student loan program was launched following President Bola Tinubu’s signing of the Access to Higher Education Act in June 2023. In July, the president launched the digital NELFUND disbursement exercise at the State House in Abuja.
In August, NELFUND confirmed receiving N50 billion from the Economic and Financial Crimes Commission (EFCC) to boost the student loan scheme.
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