NASS, TETFUND Moves to Expand Student Loan Scheme

By Babatunji Wusu| The National Assembly (NASS) has agreed with the Nigerian Education Loan Fund (NELFUND) to expand the student loan scheme from 1.6 million to 7 million direct beneficiaries, in a move aimed at boosting access to education and supporting national development.

The Managing Director of NELFUND, Akintunde Sawyerr, also revealed that the scheme could eventually reach up to 50 million Nigerians as it expands into skills acquisition and technical and vocational education programmes.

Speaking at a one-day national sensitisation programme on student loans organised by the Senate Committee on Tertiary Education and TETFUND in collaboration with NELFUND, Sawyerr said the Fund has already disbursed about N282 billion to 1.6 million students across the country.

The Deputy President of the Senate, Barau Jibrin, described the sensitisation campaign as timely, stressing the need for wider public awareness. He said many citizens may not benefit fully from the scheme without proper understanding of how it works.

“People need to understand what the programme entails and how they can access it. That is exactly what this sensitisation campaign is all about and should be taken round the entire six geo-political zones,” Jibrin said.

Chairman of the House Committee on Students’ Loans, Scholarships and Tertiary Education Financing, Ifeoluwa Eyindero, also described the programme as important in building awareness of the opportunities available to students. He confirmed that over 1.5 million students have already benefited from the scheme with disbursements exceeding N282 billion.

NELFUND Managing Director, Sawyerr, added that on average, Nigerian families consist of about five people, meaning the programme has indirectly impacted nearly 10 million lives.

He also appealed for stronger support from stakeholders to expand coverage to about 7 million beneficiaries across tertiary institutions and vocational centres to drive meaningful national transformation.

Earlier, Chairman of the Senate Committee on TETFUND, Senator Muntari Dandutse, said the sensitisation programme aligns with the committee’s oversight responsibilities and reinforces efforts to ensure fair access to education for all Nigerians.