Managing Director of Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, said that the federal government has disbursed over N80 billion to Nigerian institutions towards the students’ loans.
Sawyer revealed this at a two-day Renewed Hope Student Leaders Engagement, organised by the Office of the Senior Special Assistant to the President on Students Engagement in partnership with the Rivers State Government, at the University of Port Harcourt, yesterday.
He stated that the fund has received over 745,000 applications, while over 400,000 have benefitted. He emphasised that the fund is very keen with transparency to build trust for the government and ensure sustainability.
Sawyer said, “So far we have over 745,000 Nigerians who have applied for this loan, out of this number, we have over 400,000 students who are benefiting from this loan. They have their school fees paid at tertiary level and some of them who have applied for upkeep are receiving N20,000 per month, per session.
“So far we have disbursed over N80 billion to Nigerian institutions and Nigerians who are benefiting from the loan. We are receiving applications. In the last 24 hours we had 2,700 applications. We are processing them.”
He further stated that “The original law was repealed and re-enacted and one of the key components was that this scheme can be funded with non-governmental money. In other words, people who want to contribute to the fund from outside government, whether they are philanthropists, general donors, NGOs, people with special interest in education, can bring their money into that fund for it to be dedicated to the provision of loans or even grants, if they want, to the students.”
The NELFUND Chief Executive Officer informed that there are two loans that applicants can apply for, institutional loan and the student upkeep loan. “The school fees element goes direct to the school on their behalf. Neither of these loans are with interest, in other words, they are interest free.”
Sawyer added that the application is every year, though registration is once in the event that such students leave the country or eventuality of death.
In his address, Senior Special Assistant to the President on Students Engagement, Asefon Dayo, revealed that the event is a deliberate and strategic initiative to strengthen the bridge between government and students, close communication gaps, and create a vibrant platform where campus leaders can interact directly with policymakers and key stakeholders in the education and youth sector.
“Our mission is clear, to engage student leaders meaningfully, inform them about the far-reaching reforms of President Bola Ahmed Tinubu in education and youth development, and hear from them directly. By doing this, we work towards building a more inclusive, impactful, and prosperous future for Nigerian students,” he said.
He mentioned that the launch of the Nigerian Education Loan Fund (NELFUND) was to make education accessible and affordable, noting that the scheme has significantly reduced the number of students dropping out of tertiary institutions every year.
Dayo also stated that the President has approved the allocation of Funds to 15 school bot college of Education, polytechnic and University to create innovation hubs and entrepreneurship centre, to provide core labs/workstation to cover electronic Lab, 3D printing Lab Leser Technology Lab, production Design lab, Robotics and coding, Artificial intelligence, among others.
He added that initiatives by the present administration include; increased funding for tertiary institutions, total attention to digital and vocational skills training for young Nigerians, renewable energy projects lighting up our campuses, rehabilitation of medical schools, introduction of the Students Industrial Work Experience, grant provided for both financial support and practical exposure to students.
The SSA on Student Engagement to the president tasked the students to make good use of the opportunity the event has presented to them, share the knowledge, inspire peers, and ensure every student regardless of background or location benefits from these opportunities.
