The Nigerian Education Loan Fund (NELFUND), established by the Federal Government to provide financial support to students in tertiary institutions, announced on Tuesday that its beneficiaries could reach 2.1 million in the near future.
Speaking at the inauguration and induction of SERVICOM unit members in Abuja, NELFUND’s Managing Director, Akintunde Sawyerr, revealed the projection while addressing the growing demand for student loans.
This announcement follows data indicating that NELFUND has disbursed over N104 billion to 613,734 students across Nigerian tertiary institutions since its inception.
These disbursements cover institutional fees paid directly to schools and upkeep loans deposited into applicants’ accounts.
Sawyerr highlighted that the Fund anticipates an increase in registrants due to the admission of approximately 400,000 new students this year.
He emphasized that the loan scheme specifically targets students in government-owned tertiary institutions, including universities, polytechnics, and colleges of education.
NELFUND’s mandate, according to Sawyerr, remains limited to tertiary-level education as outlined by the enabling law.
He clarified that while the agency recognizes the issue of over 20 million out-of-school children in the country, its legal framework restricts it to assisting students currently in or preparing for tertiary education.
The Fund’s registration process has attracted 417,000 students, out of which 328,000 have applied for loans.
A significant number of these applications are already being processed, ensuring continued access to financial support for eligible students.
In her remarks, the National Coordinator and CEO of SERVICOM, Mrs. Nnenna Akajemeli, commended NELFUND’s efforts to enhance student access to loans.
She stressed the importance of teamwork and cooperation among the inductees to streamline the process for beneficiaries.
SERVICOM, a government initiative aimed at promoting efficient service delivery, has been collaborating with NELFUND to ensure the success of the program. Akajemeli emphasized the need for consistent support for students and skill-building initiatives for public servants to deliver excellent services.
The student loan program continues to play a critical role in bridging the financial gap for many Nigerian students, fostering access to education and empowering the country’s future workforce.
