The Nigerian Education Loan Fund (NELFUND) has successfully disbursed over N10 billion to applicants since the program’s official launch in August 2024, according to Mr. Akintunde Sawyerr, Managing Director and Chief Executive Officer of the Fund. This landmark achievement was announced during a meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing, held at the National Assembly Complex in Abuja on Wednesday.
Addressing concerns of potential bias in the distribution of student loans, Sawyerr reassured the committee that NELFUND has been working tirelessly to ensure an equitable and inclusive process, with special attention given to regions and groups that have historically expressed concerns over marginalization. He specifically noted efforts to connect with applicants from the South-East, where worries about regional neglect had been raised.
“So far, the fund has received over 350,000 applications and has disbursed more than N10 billion, with a commitment to disbursing a total of N90 billion to cover tuition fees and stipends for students across the country,” Sawyerr said, highlighting the scale of the program.
He further emphasized the Fund’s capacity to process an influx of applications, which are arriving at a rate of over 1,000 per day. In addition, he affirmed that NELFUND has made special provisions for students living with disabilities, ensuring that they too have access to financial aid to pursue their education.
A key focus of the initiative, Sawyerr explained, is addressing the barriers to girl-child education, a significant challenge in many parts of Nigeria. “Recognizing the importance of girl-child education is critical. Denying young girls access to further education not only robs them of their potential but also deprives the nation of future leadership and innovation,” he said.
With Nigeria’s youth making up over 70 percent of the population, Sawyerr warned of the dangers of neglecting educational access for this demographic. “Failing to invest in education for our youth exposes the country to a future of instability and insecurity. This student loan intervention, championed by President Bola Tinubu, could not have come at a more crucial time,” he added.
The meeting with the House Committee served as a platform for NELFUND to outline its roadmap for the future, including its ambitious plans to meet the growing demand for education financing and ensure that no Nigerian student is left behind.
The student loan programme, part of the broader reforms in the education sector under President Tinubu’s administration, is seen as a critical tool in promoting inclusive access to higher education and addressing Nigeria’s long-standing education funding challenges.
