The Nigerian Education Loan Fund (NELFUND) has disclosed that it has paid out ₦161.9 billion to 864,798 students across the country since the launch of its student loan portal, as part of efforts to improve access to higher education.
The Managing Director of NELFUND, Akintunde Sawyerr, made this known on Tuesday in Abuja while addressing journalists at a press briefing on the programme’s progress, impact and challenges.
Sawyerr explained that the fund, which he said aligns with President Bola Tinubu’s Renewed Hope Agenda, was created to ensure that financial difficulties do not prevent Nigerian students from pursuing tertiary education.
According to him, the fund has so far received 1,361,011 loan applications from students across the country.
He explained that out of the N161.97 billion disbursed, N89.94 billion was paid directly to 263 tertiary institutions to cover tuition and institutional charges, while N72.03 billion was paid to students as upkeep allowances.
“As of today. 1,361,011 applications have been received, 864,798 students have so far benefited from the loan scheme, and a total disbursement stands at N161.97 billion.
“These include N89.94 billion paid directly to 263 tertiary institutions for tuition and institutional fees, and N72.03 billion paid directly to students as upkeep allowances,” he said.
He noted that the figures represented tangible impact on students and families, describing them as evidence of barriers being removed and opportunities being created.
The NELFUND boss said the agency had, over the past year, embarked on extensive sensitisation across tertiary institutions to improve awareness and access to the scheme.
He added that the focus would now expand to parents, guardians, traditional rulers and faith-based institutions.
He said this new approach was to deepen public understanding and trust in the scheme.
