Student Loans: NELFUND Disburses Over N10 Billion, Says MD

The Managing Director and CEO of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, announced on Wednesday that the fund has disbursed over N10 billion to successful applicants since launching the scheme in August 2024.

Addressing concerns about potential discrimination in the student loan scheme, Sawyerr made these remarks during a meeting with the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing at the National Assembly Complex in Abuja.

He emphasized that the fund has made efforts to reach all regions, particularly the South-East, which previously expressed feelings of marginalization.

“So far, we have received over 350,000 applications and disbursed more than N10 billion, with a goal of distributing N90 billion in tuition fees and stipends,” he said.

“We are currently receiving over 1,000 applications daily, and we have special provisions for students with disabilities.

We are also focused on removing barriers to girl-child education, as denying girls access to further education limits our nation’s potential for progress.”

Sawyerr highlighted the urgency of this initiative, stating, “With 70% of our population under 35, failing to provide educational access for this age group could lead to instability and violence. President Tinubu’s intervention is timely and crucial.”

He described the student loan scheme as a vital measure to improve access to education in Nigeria, comparing it to historic policies like Chief Obafemi Awolowo’s free education program and the establishment of the National Youth Service Corps.

“This administration has introduced several impactful policies, and the student loan initiative is one that resonates deeply across the nation,” he added.

“It is inclusive, ensuring that every Nigerian, regardless of their background or location, has the opportunity to pursue quality education.”

Committee Chairman Gboyega Isiaka (APC, Ogun) called NELFUND a critical agency, emphasizing its role not only in providing loans but also in fostering an environment where every Nigerian youth can reach their full potential.

He urged NELFUND’s management to be proactive in planning for the future, asking, “Where do we see NELFUND in the next three to five years, and what challenges do we need to address to get there?”