The Nigerian Education Loan Fund (NELF), an initiative of the Federal Government, has disbursed over ₦104 billion to students in tertiary institutions across the country, according to data released on Tuesday.
The funds, covering tuition and upkeep, have supported hundreds of thousands of students.
Breakdown figures reveal ₦33.9 billion was allocated to institutional fees for 320,837 applicants, while ₦70.2 billion went to upkeep loans for 292,897 beneficiaries.
Speaking on the scheme, Tomi, a University of Ilorin student, expressed gratitude, saying, “I have no reason to be broke or disturb my parents for upkeep. I have enough to take care of myself every month.”
Similarly, Muhammad Ibrahim from Usman Dan-Fodio University, Sokoto, highlighted its impact on families: “Parents no longer have to worry about sourcing funds. I encourage those who haven’t taken the loan to do so.”
Established by the 2024 Student Loans Act, signed into law by President Bola Tinubu, the fund aims to make higher education accessible to all Nigerians.
Its Managing Director, Akintunde Sawyerr, has been actively sensitising students on the scheme’s benefits, which include zero-interest loans and manageable repayment plans.
In recent months, notable Nigerians, such as SAN Adegboyega Awomolo and former lawmaker Lanre Laoshe, have repaid loans obtained decades ago, demonstrating the fund’s sustainability.
