The Nigerian Education Loan Fund has projected that the number of student loan beneficiaries in the country could rise to an estimated 2.1 million.
This revelation was made by the Managing Director of NELFUND, Akintunde Sawyerr, during the inauguration of the SERVICOM unit and committee members in Abuja on Tuesday.
The announcement comes just a week after data revealed that NELFUND has disbursed over ₦104 billion in loans to students of tertiary institutions across Nigeria since its inception.
These funds cover institutional fees, paid directly to schools, and upkeep loans, disbursed to students’ personal accounts.
Addressing reporters, Sawyerr linked the increasing demand for student loans to the steady admission of new students into government-owned tertiary institutions.
“With about 400,000 new entrants expected this academic session, we estimate that the total number of students benefiting from our scheme could reach 2.1 million,” he said.
He added that the number could grow even further with the anticipated launch of a skills development programme aimed at empowering students with practical skills alongside academic knowledge.
Responding to questions about the possibility of extending the loan scheme to address Nigeria’s over 20 million out-of-school children, Sawyerr clarified that NELFUND’s mandate is strictly focused on tertiary education.
“The Act that established NELFUND specifically limits us to supporting students in tertiary institutions owned by the Federal Government and subnational entities. While the plight of out-of-school children is critical, our legal framework does not allow us to intervene beyond tertiary education,” he explained.
According to Sawyerr, students who qualify for the scheme must first register on the NELFUND portal. As of now, approximately 417,000 students have registered, with 328,000 of them completing their loan applications.
“Many of these applications have been processed, and most will receive the loans,” he assured.
In her remarks, the National Coordinator of SERVICOM, Mrs. Nnenna Akajemeli, stressed the importance of teamwork and efficiency in ensuring that the student loan scheme operates seamlessly.
SERVICOM, a Federal Government initiative, is tasked with promoting effective service delivery across ministries, departments, and agencies.
“Wherever Nigerian students go, they excel. It is our duty to continue encouraging and supporting them,” she said.
Akajemeli praised NELFUND for maintaining close collaboration with SERVICOM and urged all stakeholders to work together to ensure the programme’s success.
“Fast progress can be made individually, but lasting impact comes from teamwork,” she emphasized.
