The Nigerian Education Loan Fund (NELFUND) has disbursed more than N10 billion in student loans and received over 350,000 applications, according to its Managing Director, Mr. Akintunde Sawyerr. He made this announcement during a meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing in Abuja on Wednesday.
Sawyerr emphasized NELFUND’s commitment to disbursing N90 billion in total, intended to cover tuition fees and stipends for students in need. “Our goal is to ensure that every Nigerian, regardless of background or location, has access to the education they deserve,” he said.
Highlighting the fund’s focus on inclusivity, Sawyerr noted that over 1,000 applications are received daily. Special provisions are being made for students with disabilities, and efforts are being directed towards removing barriers to girl-child education. He warned that restricting educational opportunities for girls would limit the nation’s potential for growth and leadership.
With 70% of Nigeria’s population under the age of 35, Sawyerr highlighted the risks of failing to provide education for this group, warning of potential instability and violence. He commended President Tinubu’s intervention in education as crucial for Nigeria’s future.
Sawyerr also discussed NELFUND’s outreach programs, particularly in underserved regions like the South East. After multiple rounds of community sensitization, applications from these areas have significantly increased, showcasing the impact of these initiatives.
He reiterated NELFUND’s dedication to working closely with the House committee to build a student loan system that serves all Nigerians. “Our collective goal is the betterment of Nigeria and its youth. By ensuring education remains accessible and equitable, we are securing the future for millions of young Nigerians and building a stronger, more prosperous nation,” Sawyerr concluded.
Rep. Gboyega Isiaka (APC-Oyo), Chairman of the Committee, recognized NELFUND as vital in creating opportunities for Nigerian youth. However, he expressed concerns about the management’s ability to effectively administer the fund, given its vast potential. He raised key questions: “Where will NELFUND be in the next three to five years? How will it achieve its goals, and what challenges must be addressed?”
The revised Student Loan Act of 2024 was established to remove financial barriers and make education more accessible to all Nigerian students, regardless of economic background. This inclusive strategy is crucial, especially in the current economic climate, where many families struggle to afford educational expenses.
NELFUND is funded through a percentage of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service, contributing 1% of their total revenues. Additionally, the fund receives income from natural resource exploitation, education bonds, endowment schemes, and donations from individuals and organizations.
The loans cover tuition, fees, and living expenses, with repayment starting two years after the beneficiary completes the National Youth Service Corps (NYSC) program.
