Victoria Mbangwa
The Nigerian Education Loan Fund (NELFUND) has hit a major milestone by disbursing over N10 billion in student loans just two months after the program’s launch in August 2024.
This achievement reflects the government’s commitment to expanding access to higher education across Nigeria, according to NELFUND’s Managing Director and CEO, Mr. Akintunde Sawyerr.
Addressing the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing in Abuja, Sawyerr stressed that the fund’s operations have reached all parts of the country, dispelling concerns that certain regions, particularly the South-East, may have been marginalized.
“So far, the fund has received over 350,000 applications and disbursed over N10bn with a commitment to disbursing N90bn in tuition fees and stipends.
“Applications are coming in at an average of over 1,000 per day, and we are making special provisions for students living with disabilities.
“Moreover, we are focused on addressing the barriers to girl-child education, recognising that denying girls the opportunity for further education is denying the nation a chance to benefit from their incredible leadership potential.
“With 70 per cent of our population under the age of 35, failing to provide access to education for this segment exposes Nigeria to a future fraught with instability and violence. This intervention by President Bola Tinubu could not have come at a better time.” Sawyerr stated.
Sawyerr further emphasized the long-term benefits of ensuring inclusive access to education, particularly for young Nigerians.
“This administration of President Bola Tinubu has introduced many brilliant policies, and the student loan initiative hits close to home. It is reaching every corner of the nation-East, West, North, and South.
“This policy is not discriminatory; it is inclusive, ensuring that every Nigerian, regardless of location or background, has access to the education they deserve.
“It is akin to monumental policies such as the free education programme of Chief Obafemi Awolowo, the establishment of the National Youth Service Corps by Gen Yakubu Gowon, and the creation of federal universities.
“These policies have shaped Nigeria’s development, and the student loan initiative is equally progressive, representing an investment in our nation’s future,” he added.
Chairman of the House Committee, Gboyega Isiaka, applauded NELFUND’s progress and also urged the management to think strategically about the future.
He said, “We want, for example, to be able to tell ourselves where NELFUND will be within the next three to five years. How is it going to get there? And what are the issues that we need to address for them to get there?”
