The Nigerian Education Loan Fund (NELFUND) has made significant strides in supporting students across the country, having disbursed over N10 billion in loans to 40,000 students. This was revealed by the Managing Director of NELFUND, Akintunde Sawyerr, during an interview on Politics Today on Channels Television.
According to Sawyerr, the Fund has seen a strong response, with 370,000 students registered on the NELFUND portal, and 280,000 actively applying for loans. However, about 89,000 students have yet to complete their applications, leaving them undecided. NELFUND operates entirely through digital platforms, engaging students electronically to streamline the process.
Eligible students from universities, polytechnics, and colleges of education can apply for both institutional and upkeep loans. Sawyerr explained that institutional fees are disbursed per academic session, while upkeep loans, which support students’ living expenses, are distributed monthly. Currently, students receive a monthly stipend of N20,000, though plans are underway to increase this amount in the near future.
NELFUND is committed to providing N30 billion in institutional loans and N60 billion in upkeep support, reflecting its mission to make education more accessible to students facing financial difficulties. To ensure the safety of the funds, NELFUND has partnered with banks to avoid the risks associated with manual handling, particularly in areas affected by internet exclusion.
Despite some delays in disbursement due to verification processes with educational institutions, Sawyerr reassured students that NELFUND is well funded and supported by the presidency. He emphasized that their goal is to assist as many students as possible, particularly those from indigent backgrounds, ensuring they can continue their education without financial barriers.
As NELFUND continues to expand its loan program, it remains a vital resource for students across Nigeria, providing both financial relief and hope for a brighter academic future.