The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N110 billion to students in public tertiary institutions across the country, the fund’s Managing Director, Mr. Akintunde Sawyerr, has disclosed.
Sawyerr revealed this during the inauguration and induction of NELFUND SERVICOM members in Abuja on Tuesday, noting that the disbursement figures are constantly updated due to frequent payments.
“We’ve just approved a new batch of N110 billion for disbursement to students.
“About 60 per cent of that amount is going directly to institutions to cover tuition fees, while 40 per cent is allocated for students’ upkeep,” he said.
“The upkeep figure is slightly behind the total fee.”
He added that the Fund’s commitment currently supports an estimated 2.1 million students in government-owned tertiary institutions, including universities, polytechnics, and colleges of education.
Sawyerr emphasized that this figure is expected to grow significantly with the launch of NELFUND’s skills programme.
According to Sawyerr, the application process for the loan involves registration on NELFUND’s portal, with 417,000 students already registered and 328,000 applications submitted.
“We process applications daily and have seen a surge in interest. At the peak, we received 9,000 applications in one day, and we’re now growing at a rate of 1,000 applications daily,” he stated.
Sawyerr noted that some students who register may not immediately apply for the loan, either due to a lack of information or personal decisions, creating a gap between registrants and applicants.
On the repayment process, Sawyerr described the loan terms as the best available, highlighting the interest-free nature of the facility.
“Students who apply today receive an interest-free loan. What they borrow is exactly what they repay, and repayment starts two years after completing the National Youth Service Corps (NYSC) programme,” he said.
Speaking during the event, the National Coordinator of SERVICOM, Mrs. Nnenna Akajemeli, commended NELFUND for setting up a SERVICOM unit, which she said would enhance the fund’s service delivery and operational efficiency.
“This initiative ensures that NELFUND fulfills its mandate of increasing access to funds for higher education, particularly for brilliant but indigent students,” Akajemeli said.
She stressed the importance of the programme in producing quality graduates and bridging the funding gap for students in need.
The NELFUND initiative aligns with the government’s goal of enhancing access to tertiary education for less-privileged Nigerians.
With its robust funding structure and innovative repayment plan, the fund aims to alleviate financial barriers for students, ensuring more equitable access to education.
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