Over 6,000 students of the University of Lagos (UNILAG) have applied for the Nigerian government’s interest-free student loan scheme, according to the Managing Director/CEO of the Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr.
Sawyerr revealed the figure during an official visit to UNILAG on Thursday, commending the institution for its ethical administration and robust sensitisation efforts that have made it one of the most successful engagements NELFUND has had nationwide.
“To date, we have somewhere in the region of 6,000 students from UNILAG who have applied. We must commend the institution for organising one of the most successful sensitisation programmes we’ve had in Nigeria,” he stated.
However, he noted that while 6,000 students had applied, about 31,000 eligible students at UNILAG are yet to access the loan, largely due to cultural attitudes and a lack of information.
He stressed the commitment of NELFUND and UNILAG leadership to ensuring no student drops out due to financial difficulty. “They may leave for other reasons, but not because they can’t afford tuition. We’re here to provide interest-free loans with very flexible repayment terms,” he added.
Sawyerr also disclosed that NELFUND is considering expanding its partnership with the university to cover skills training and vocational education, describing UNILAG as a model institution with commendable entrepreneurship and governance systems.
He affirmed NELFUND’s dedication to due diligence, transparency, and proper verification of all applications, disclosing that over 600,000 applications had been received nationwide.
“We never meet the students directly, so every application must be verified. We’d rather delay than risk giving the wrong person the money,” he said.
Responding to public concerns on disbursement and alleged mismanagement, Sawyerr cautioned against assuming that startup issues in a new system are indicative of fraud. “The complaints are often from a vocal few. We must avoid criminalising every teething problem,” he noted.
UNILAG Vice-Chancellor, Prof. Folasade Ogunsola, corroborated the application figure, adding that initial resistance to student loans due to cultural beliefs was a major challenge.
“We started with just 800 applicants. Many families felt loans were taboo. But we’ve grown from 800 to 6,000 in one year, which is a huge leap,” she said.
She also noted that some university staff, including lecturers, had encouraged their children to apply for the loan, highlighting the positive impact on household finances.
On delays in disbursement, Ogunsola and Sawyerr acknowledged earlier logistical challenges, including students submitting incorrect or delayed account details. “Now, we collect account numbers at registration to fast-track the refund process,” Ogunsola explained.
The visit reaffirmed the collaborative commitment of NELFUND and UNILAG to broaden access to funding, improve application processes, and incorporate vocational training into student support systems.
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