The Nigerian Education Loan Fund (NELFUND) has provided financial assistance amounting to N35 billion to 261,000 students nationwide, according to its Managing Director, Akintunde Sawyerr.
Sawyerr shared this update during a sensitization event at Edo State University, Iyamoh, organized in collaboration with the Edo State Ministry of Education.
He explained that the disbursed amount included over N22 billion for institutional fees, which were paid directly to educational institutions, while approximately N11 billion was allocated for students’ monthly upkeep.
“So far, we have received around 520,000 registrations, processed 419,000 applications, and successfully disbursed funds to 261,000 students,” he stated.
Highlighting the sustainability of the program, Sawyerr reassured students that NELFUND is adequately funded to support eligible applicants across all institutions.
He also commended President Bola Tinubu for enabling the fund to secure resources beyond statutory allocations.
“The president’s commitment has allowed us to access funding from various sources beyond government provisions. Many Nigerians and private organizations are eager to support students, and some NGOs have started channeling their contributions through NELFUND, ensuring a wider reach for educational support,” he noted.
However, Edo State’s Commissioner for Education, Dr. Emmanuel Paddy, voiced concerns about the low number of students from the state who had applied for the loan.
“The participation rate among Edo students is still low,” he observed. “This is why we are holding this sensitization session—to ensure more students are aware of the program and can take full advantage of it.”
Similarly, the Acting Vice-Chancellor of Edo State University, Prof. Dawood Egbefo, disclosed that 51 students from the institution had benefited from the loan scheme, receiving a total of N61.4 million.
“This initiative has provided crucial financial relief to students. I encourage everyone here to seize this opportunity,” he urged.
Egbefo also expressed appreciation to President Tinubu for his dedication to advancing education in Nigeria.
“His leadership and vision for an educated and prosperous Nigeria continue to inspire us,” he said.
(Prompt news)