The Nigerian Education Loan Fund established by the Federal Government to support higher education, has disbursed over N104 billion to students across tertiary institutions in the country.
This was revealed in data released on Tuesday, highlighting the fund’s impact since its inception.
According to the Fund, the disbursed amount includes, N33.9 billion for institutional fees to 320,837 applicants, paid directly to their respective institutions, N70.2 billion for upkeep loans to 292,897 applicants, transferred directly to their personal accounts.
As of November 29, 2024, the total disbursement for both categories stands at N104,245,064,954
Beneficiaries of the scheme have expressed gratitude for the support.
A student of the University of Ilorin, simply identified as Tomi described the upkeep loan as life-changing, saying, “I have no reason to be broke or disturb my parents for upkeep. I have enough to take care of myself every month.”
Similarly, a student of Usman Dan-Fodio University, Sokoto, Muhammed Ibrahim
commended the intervention for easing the financial burden on parents and encouraged others to take advantage of the interest-free loans.
The initiative gained momentum following the signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024 by President Bola Tinubu on April 3, 2024.
This Act repealed the 2023 version and empowered NELFUND to provide loans for tuition, fees, and upkeep to Nigerian students in public tertiary institutions, vocational centers, and skills acquisition programs.
NELFUND has also received repayments from individuals who benefited from past student loan schemes.
In September 2024, Senior Advocate of Nigeria, Adegboyega Awomolo, refunded N2 million, which he received as a loan in the 1970s.
Earlier in August, former House of Representatives member, Lanre Laoshe, repaid N3,189,217, representing the loan of N1,200 he received between 1976 and 1979, adjusted for inflation.
NELFUND’s Managing Director, Akintunde Sawyerr, has been actively visiting tertiary institutions to educate students on the scheme’s benefits and encourage participation.
The loan fund has been hailed as a significant step toward making higher education accessible to all Nigerians.
With zero interest rates and manageable repayment plans, the initiative is expected to continue alleviating financial burdens on students and their families while promoting educational advancement in the country.
