NELFUND: Nearly 400,000 Nigerian Students Collect N77 Billion From Tinubu's Loan Scheme

• NELFUND has provided tuition and upkeep loans to over 396,000 students, many of whom are the first in their families to attend tertiary institutions
• Since opening its portal in May 2024, the fund has disbursed N77 billion and introduced a digital platform to simplify and track the loan process
• The President Tinubu initiative also includes support for vocational students and aims to remove financial barriers to education

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.

In a major boost for students across Nigeria, the Nigerian Education Loan Fund (NELFUND) has rolled out tuition and upkeep loans to nearly 400,000 beneficiaries, many of them the first in their families to attend university or college.

The agency’s Managing Director, Akintunde Sawyerr, shared the uplifting news during a recent media chat, revealing that the fund has received over 645,000 applications since its launch in May 2024.

Sawyerr explained that this initiative is part of President Bola Tinubu’s Renewed Hope Agenda, which puts young Nigerians at the centre of national development.

His comments follow earlier claims by some students of 23 public universities and polytechnics in Nigeria that delayed disbursement of institutional loans from the fund threatened their ability to meet tuition deadlines.

He said that so far, NELFUND has disbursed a massive N77 billion, with N41.7 billion going directly to 210 schools for tuition fees and N35.3 billion sent straight to students as living allowances.

Sawyerr said:

“Behind each of these numbers are real people, young Nigerians whose dreams were once delayed or denied by circumstance, but who now carry a renewed sense of possibility.”

To make the process smooth and fair, NELFUND introduced a digital loan portal built to international standards, allowing students to apply, track, and verify their loans with ease.

The fund also expanded to include those in vocational and technical training, showing a strong focus on practical skills and future jobs.

In response to tech and banking hiccups, NELFUND quickly allowed account updates and switched to using regular bank accounts to ensure students received their funds without delay.

NELFUND asks students to embrace opportunity

Sawyerr has encouraged students to make the most of the student loan programme designed to ease the cost of tertiary education.

Speaking at a sensitisation event hosted by the National Association of Nigerian Students (NANS) in Port Harcourt, Rivers State, Sawyerr described the initiative as a game-changer in the country’s education system.

He emphasised that the scheme is more than just financial support but a powerful tool to unlock opportunities, ensuring that no student is held back from pursuing their dreams due to a lack of funds.

NELFUND warns institutions against fraud

In related news, Legit.ng reported that NELFUND had issued a stern warning to tertiary institutions involved in shady practices, including pressuring students for fees already covered by the loan scheme.

This comes amid reports that some schools continue to demand payments from students, despite receiving tuition fees directly from NELFUND.

The fund expressed readiness to take legal steps against any institution found guilty of extortion or withholding key information from students.

Source: Legit.ng