The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N188.1 million to three higher institutions across the country, covering tuition fees for 982 students. The announcement was made by the Managing Director of NELFUND, Mr. Akintunde Sawyerr, during a press briefing in Abuja on Thursday.
Breakdown of Disbursements
According to Sawyerr, the disbursements were made to the University of Ibadan, the Federal University of Technology, Akure, and the Federal College of Education, Zaria. The University of Ibadan received N76.2 million for 412 students, the Federal University of Technology, Akure got N62.4 million for 340 students, and the Federal College of Education, Zaria was allocated N49.5 million for 230 students.
“This is part of our commitment to ensure that no Nigerian student is denied access to higher education due to financial constraints,” Sawyerr stated. He emphasized that the fund is dedicated to transparency and efficiency in disbursing loans to eligible students.
Eligibility and Application Process
The NELFUND scheme is designed to provide interest-free loans to Nigerian students in public tertiary institutions. Eligible students must be enrolled in a federal or state university, polytechnic, or college of education. The application process is fully online, and students are required to submit their details through the NELFUND portal.
Sawyerr noted that the fund has so far received over 100,000 applications since the launch of the scheme in May 2024. He assured that the disbursement process will continue in phases, with more institutions set to benefit in the coming weeks.
Impact on Students and Institutions
The disbursement has been welcomed by the benefiting institutions and students. The Vice-Chancellor of the University of Ibadan, Prof. Kayode Adebowale, expressed gratitude, stating that the fund would alleviate the financial burden on students. Similarly, the Registrar of the Federal University of Technology, Akure, described the intervention as timely.
One of the beneficiaries, a 300-level student at the University of Ibadan, said, “This loan has given me the opportunity to focus on my studies without worrying about school fees.” The scheme is expected to cover more students as additional funds are allocated by the federal government.
Challenges and Future Plans
Despite the progress, Sawyerr acknowledged challenges such as verification of student data and integration with institution systems. He assured that NELFUND is working with the Joint Admissions and Matriculation Board (JAMB) and other agencies to streamline the process.
“We are committed to expanding the reach of this scheme. By the end of the year, we aim to disburse loans to at least 50,000 students across Nigeria,” Sawyerr concluded.
