The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦161.97 billion to 864,798 students across the country since the launch of its student loan portal.
The Managing Director of NELFUND, Mr Akintunde Sawyerr, disclosed this on Tuesday in Abuja while briefing journalists on the progress, impact and challenges of the Federal Government’s student loan scheme.
Sawyerr said the fund, established under President Bola Tinubu’s Renewed Hope Agenda, was created to ensure that no Nigerian student was denied access to tertiary education due to financial constraints.
According to him, the agency has so far received 1,361,011 loan applications from students nationwide, reflecting growing awareness and acceptance of the scheme.
He explained that of the ₦161.97 billion already disbursed, ₦89.94 billion was paid directly to 263 tertiary institutions to cover tuition and other institutional charges, while ₦72.03 billion was disbursed to students as upkeep allowances.
“As at today, 1,361,011 applications have been received, 864,798 students have so far benefited from the loan scheme, and total disbursement stands at ₦161.97 billion,” Sawyerr said.
“These include ₦89.94 billion paid directly to 263 tertiary institutions for tuition and institutional fees, and ₦72.03 billion paid directly to students as upkeep allowances.”
The NELFUND boss described the figures as clear evidence of the scheme’s tangible impact on students and their families, noting that financial barriers to higher education were gradually being dismantled while new opportunities were being created.
He added that the fund had, over the past year, embarked on extensive sensitisation campaigns across tertiary institutions nationwide to improve awareness and access to the loan programme.
According to Sawyerr, the sensitisation drive will now be expanded to include parents, guardians, traditional rulers and faith-based organisations in order to deepen public understanding and acceptance of the initiative.
