Victoria Mbangwa
The Nigerian Education Loan Fund (NELFUND) has provided over N104 billion in loans to Nigerian students pursuing higher education, according to recent figures. Since its establishment, the Fund has played a significant role in alleviating the financial burden on students and their families, especially in light of rising tuition and living costs across the country.
As of November 29, 2024, the total amount disbursed stands at N104.2 billion, distributed between institutional fees and upkeep loans. Of the total, N33.9 billion was allocated directly to tertiary institutions for institutional fees, benefiting 320,837 applicants. Additionally, N70.2 billion was given out as upkeep loans to 292,897 students, ensuring they have adequate funds for their day-to-day expenses.
Tomi, a beneficiary from the University of Ilorin, expressed his gratitude for the scheme, highlighting how the upkeep loan has made him financially independent. “We are grateful to the Federal Government for the intervention. Personally, I am grateful for the upkeep loan. I have no reason to be broke or disturb my parents for upkeep. I have enough to take care of myself every month.” He said.
Similarly, Muhammed Ibrahim, a student at Usman Dan-Fodio University, praised the scheme for lifting a significant financial burden from parents. He said, “The intervention has lifted burdens from the shoulders of parents. Parents no longer have to worry about sourcing for funds. I encourage people who have not taken the loan to do so. There is no interest and repayment is going to be easy.”
The initiative is part of a broader effort by the Federal Government to ensure equitable access to higher education. In April 2024, President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill into law, which established the Nigerian Education Loan Fund (NELFUND) as a body corporate. This law empowers NELFUND to provide loans for tuition, fees, and living expenses to eligible students in public tertiary institutions, as well as those pursuing vocational and skills training.
The loan scheme is interest-free, and repayment is structured to be manageable for beneficiaries, with former recipients now beginning to pay back their loans. Notably, in September 2024, Adegboyega Awomolo, a Senior Advocate of Nigeria and former recipient of the 1970s student loan scheme, repaid N2 million to NELFUND. Similarly, in August, Lanre Laoshe, a former member of the House of Representatives, repaid his N1,200 loan from 1976-1979, which had appreciated to N3.19 million.
NELFUND’s Managing Director, Akintunde Sawyerr, has been actively engaging with students across the country to raise awareness about the loan scheme and its benefits. His efforts aim to ensure that more students take advantage of the program, helping them navigate the financial challenges of higher education.
This initiative represents a significant step towards addressing the funding gap in Nigerian higher education and providing students with the resources needed to succeed academically, without the crippling financial strain often faced by their families.
