NELFUND Disburses N206 Billion for Student Loans in Nigeria

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N206 billion to students and institutions across Nigeria within 23 months of its launch. This initiative, introduced by President Bola Tinubu, aims to enhance access to tertiary education by providing interest-free loans and flexible repayment terms.

As of now, 1,751,669 applications have been received, with 1,164,222 students successfully benefiting from the scheme. The breakdown of disbursements shows that N128.84 billion was paid directly to 270 beneficiary institutions for tuition fees, while N77.45 billion was allocated for student upkeep allowances.

Akintund Sawyerr, the Managing Director of NELFUND, assured that no eligible beneficiary would be denied access to the educational loan scheme due to financial constraints. The scheme has demonstrated steady growth, with a recent update indicating a 0.1% increase in new applications.

The initiative has been recognized as a significant milestone in transforming Nigeria's educational sector.