Abuja, December 11, 2024 – The Bola Tinubu-led administration, through the Nigerian Education Loan Fund (NELFUND), has reportedly disbursed a total of N110 billion in loans to students enrolled in public tertiary institutions across the country. This was disclosed by the Managing Director of NELFUND, Mr. Akintunde Sawyerr, during the inauguration and induction of members of the fund’s SEVICOM unit in Abuja on Tuesday.
According to Sawyerr, the disbursement figure is constantly evolving due to frequent loan approvals. He explained that NELFUND operates a two-step process requiring students to first register on its platform before applying for a loan.
“We currently have about 417,000 students registered on our portal, and 328,000 of them have actually applied. We’ve recently approved a new batch of loans amounting to N110 billion, which will be distributed to students in various forms,” Sawyerr stated.
He elaborated that approximately 60% of the disbursed amount would go directly to institutions to cover tuition fees, while the remaining 40% is allocated to students for upkeep. “The upkeep portion is slightly less than the total tuition fee,” he added.
The NELFUND boss further revealed that the average financial commitment per student across government-owned universities, polytechnics, and colleges of education is estimated at N2.1 million. This figure is expected to grow as the fund introduces its skills program, projected to engage more students.
Sawyerr also highlighted the fund’s operational capacity, stating that NELFUND processes around 1,000 new applications daily, with peaks reaching up to 9,000 applications in a single day.
“Students repay exactly what they borrow, and they do not begin repayments until two years after completing their National Youth Service Corps (NYSC). At that time, they must report their employment status to us,” he explained, emphasizing the repayment-friendly terms.
In her remarks, Nnenna Akajemeli, the National Coordinator of SEVICOM, lauded the creation of a SEVICOM unit within NELFUND as a step towards improving service delivery.
“The SEVICOM unit reflects NELFUND’s commitment to enhancing the efficiency and transparency of government services, particularly in increasing access to educational funds for students in need,” Akajemeli said.
She added that the unit’s mandate is to assist indigent but brilliant students who lack the financial means to pursue their education. Akajemeli stressed the importance of managing the loan process effectively to ensure the emergence of quality graduates capable of contributing to national development.
The initiative aligns with the Tinubu administration’s stated priority of expanding access to education and empowering students to achieve their academic goals despite financial challenges.