The Nigerian Education Loan Fund (NELFUND) has distributed more than N10 billion in loans to 40,000 students nationwide, according to its Managing Director, Akintunde Sawyerr. In a recent interview, he revealed that 370,000 students have registered on the NELFUND portal, with 280,000 of them submitting loan applications.
He mentioned that approximately 89,000 students are still undecided, having accessed the system but not yet finished the application process, noting that the Fund interacts with students electronically rather than in person.
He further stated that students from universities, polytechnics, and colleges of education can apply for both institutional and upkeep loans. Discussing the loan disbursement structure, Sawyerr clarified that institutional fees are paid per academic session, while upkeep funds are distributed on a monthly basis.
NELFUND has pledged to provide N30 billion for institutional loans and N60 billion to support student living expenses, highlighting its commitment to making education more accessible to underprivileged students across Nigeria.
Under the current plan, students are given a monthly stipend of N20,000 to help cover their living costs, with the Fund intending to raise this amount in the future.
The Managing Director also mentioned their commitment to covering about N30 billion in tuition fees and N60 billion for student upkeep.
The Mission of NELFUND
To ensure the safety of funds and mitigate risks associated with manual processes, NELFUND is collaborating with banks to create a secure environment, particularly to address issues of internet exclusion.
Sawyerr highlighted the cautious approach to manual operations due to the risks involved in managing large sums of money. He acknowledged that disbursement delays occur at times, but these are caused by the need for verification.
He explained that after receiving applications, they forward the list to institutions for confirmation of students’ enrollment, which can sometimes result in delays.
Sawyerr assured students that NELFUND has sufficient funds, as the presidency has provided ample resources. The organization aims to support as many students as possible, particularly those facing financial difficulties, to help them continue their education.
