The Nigerian Education Loan Fund (NELFUND) has disbursed more than N303 billion to about 850,000 Nigerian students within just two years, highlighting the Federal Government’s commitment to improving access to higher education. The student loan scheme has recorded over 1.5 million loan disbursements, with many beneficiaries receiving payments for both tuition fees and monthly upkeep.
Speaking in an exclusive interview with Vanguard, NELFUND Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, said the programme has eased the financial burden on students and their families since it was signed into law by President Bola Ahmed Tinubu on April 4, 2024, and officially launched on May 24, 2024.
According to Sawyerr, the agency has paid institutional fees to 315 public tertiary institutions, including federal and state universities, polytechnics and colleges of education. Eligible students also receive a monthly allowance of N20,000. “Within about 25 to 26 months, we have disbursed over N303 billion to Nigerians who genuinely need educational support. The bulk of the money has gone towards institutional fees, while we have also been paying monthly upkeep to students,” he said.
He explained that the student loan scheme has reached about 80 per cent of eligible public institutions. However, some schools are yet to provide the student records needed for verification, while limited awareness has also slowed participation.
Sawyerr urged institutions that received tuition payments after students had already paid their fees to refund the affected students. He added that agencies such as the ICPC and EFCC, alongside student unions, are encouraging compliance, although NELFUND has no legal authority to sanction defaulting institutions.
He also dismissed claims that the student loan scheme has caused tuition fee increases, insisting that such adjustments began before NELFUND was created. Looking ahead, he said beneficiaries will begin repaying their loans two years after completing the National Youth Service Corps (NYSC), while employers will deduct 10 per cent of salaries from eligible beneficiaries in line with the provisions of the law.
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