The Nigerian Education Loan Fund (NELFUND) has confirmed that the Federal Government’s student education loan is repayable. The Fund revealed that it has already received over 760,000 applications from students across the country.
According to NELFUND, about 400,000 students are currently benefiting from the scheme. The Federal Government says the initiative shows its commitment to ensuring access to quality education and meaningful youth engagement nationwide.
Speaking during a one-day capacity building programme for students at the University of Port Harcourt, Rivers State, NELFUND Managing Director Mr. Akintunde Sawyer explained how the loan works.
“As of today, we pay ₦20,000 a month, that is ₦240,000 for a session for the student. The loan is repayable, and none of these loans are with interest,” he said.
Sawyer added that beneficiaries get stipends for upkeep directly, while their tuition fees are paid straight to their schools.
Over ₦80 Billion Disbursed So Far
Sawyer revealed that NELFUND has already disbursed more than ₦80 billion to Nigerian institutions and students under the scheme.
“We have over 745,000 Nigerians who have applied for this loan. Out of this number, over 400,000 students are benefiting. Their school fees are paid, and some are receiving ₦20,000 per month for upkeep,” he said.
He noted that loan repayment only begins two years after completing the National Youth Service (NYSC), and only when the graduate is employed. Employers are obligated to deduct 10% of the beneficiary’s income and remit it to NELFUND until the loan is fully paid.
“In the last 24 hours, we had 2,700 new applications, and we are processing them,” Sawyer added.
Youth-Friendly Policies from the Presidency
The Senior Special Assistant to the President on Students Engagement, Comrade Asefon Sunday, praised the initiative, calling it part of President Bola Tinubu’s youth-focused policies.
He said the President has also allocated funds to 15 schools to create innovation hubs, ensuring students are better trained and equipped for society.
“We discovered that students are not aware of all these initiatives under the present Administration. We have a President who listens, who cares, and believes the only legacy he can give to the youths is quality education,” Sunday stated.
He also disclosed that the President recently approved a renewable energy project to power universities in all six geopolitical zones.
The engagement, he said, allowed student leaders to ask questions and gain first-hand information, ensuring that “every student, regardless of background or location, benefits from these opportunities.”
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