The Nigerian Education Loan Fund (NELFUND) has announced a significant achievement in its first year of operation, having already allocated over N73.2 billion in interest-free loans to 396,252 students spanning all 36 Nigerian states and the Federal Capital Territory.
NELFUND’s Managing Director, Akintunde Sawyerr, shared these figures during a media briefing in Abuja on Thursday, reflecting on the substantial progress made since President Bola Tinubu launched the initiative.
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Sawyerr reported that the Fund has processed 94% of the 645,692 loan applications received from 206 tertiary institutions across the nation.
“For the first time in our nation’s history, students are gaining structured, interest-free access to education finance through a national public fund,” Sawyerr stated.
He characterised the programme as a demonstration of political commitment aimed at preventing undergraduates from prematurely ending their studies due to financial difficulties.
The initiative, he added, is designed to make higher education and vocational training more accessible through a sustainable funding model.
Sawyerr noted the visible and meaningful progress since the application portal became active in May 2024, highlighting that many beneficiaries are ‘first-generation students in tertiary institutions.’
He also commended the digital, transparent system supporting the loans, which facilitates efficient processing, tracking, and verification.
Despite these successes, Sawyerr acknowledged ongoing challenges, including discrepancies in data, delays in verification processes, and the spread of misinformation.
Nevertheless, he reaffirmed NELFUND’s dedication to transparency and ongoing enhancement.
“We’ve remained steadfast, improving our systems, engaging applicants directly, training institutional focal points, and addressing concerns swiftly,” he explained.
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The NELFUND MD cautioned against the rising tide of false information about the Fund circulating on social media, warning that it could jeopardize the initiative’s credibility and core mission.
He urged the public to seek accurate information directly from NELFUND rather than disseminating unverified claims.
