NELFUND Disburses Over N206 Billion for Student Loans

Umar Faruk Lawal, a member of the board of the Nigerian Education Loan Fund (NELFUND), announced that over N206 billion has been disbursed to schools and students in Nigeria over the past two years. This initiative is part of the federal government's student loan program aimed at breaking financial barriers that hinder access to higher education.

The scheme, introduced by President Bola Tinubu, allows students from low-income backgrounds to pursue tertiary education without the burden of tuition fees. Lawal emphasized that the interest-free loan scheme has benefited 1.16 million students across 270 tertiary institutions nationwide, with N128.84 billion allocated directly to tuition fees and N77.45 billion for student upkeep.

He cited the success story of Oladepo Olugbenga, who graduated with a first-class degree from Ladoke Akintola University of Technology, attributing his success to the support from NELFUND. The program aims to reduce dropout rates caused by financial hardships and strengthen Nigeria's education sector.