The Nigerian Education Loan Fund (NELFUND) has announced plans to expand its student loan scheme, targeting at least seven million direct beneficiaries across the country as part of efforts to drive national development through education financing.
Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, disclosed this during a National Sensitisation Programme on the Student Loan Scheme organised by the Senate Committee on Tertiary Institutions and TETFund.
According to Sawyerr, about 1.6 million Nigerian students have already benefited directly from the initiative, which he described as one of the major success stories of President Bola Tinubu’s administration.
He noted that beyond supporting students, the scheme has contributed to economic activities within and around tertiary institutions, creating broader benefits for communities and local economies.
While describing the current achievements as significant, Sawyerr stressed that greater impact would be achieved through wider participation.
“While 1.6 million beneficiaries represent a significant achievement, it is not enough to transform Nigeria. We need at least seven million Nigerians benefiting from this programme,” he said.
He added that the expansion of NELFUND into skills acquisition and Technical and Vocational Education and Training (TVET) programmes could ultimately extend benefits to as many as 50 million Nigerians.
Sawyerr called on educational institutions, community leaders, parents and other stakeholders to encourage eligible students and young people to take advantage of the opportunities offered through the scheme.
Speaking at the event, Deputy Senate President, Sen. Jibrin Barau, described the student loan programme as a transformative initiative that provides financial support to students seeking access to higher education.
He commended the nationwide sensitisation campaign, noting that direct engagement with students and parents across different regions would help improve awareness and participation.
Similarly, Chairman of the House Committee on Student Loans, Scholarships and Tertiary Education Financing, Rep. Ifeoluwa Eyindero, described the scheme as a valuable opportunity for students to pursue their academic goals without undue financial hardship.
Minister of State for Education, Prof. Suwaiba Ahmad, said the programme comes at a critical time when many qualified students still face financial barriers to accessing tertiary education.
She noted that the establishment of NELFUND demonstrates the Federal Government’s commitment to ensuring that no deserving Nigerian student is denied educational opportunities due to financial constraints.
Also speaking, Chairman of the Senate Committee on TETFund, Sen. Muntari Dandutse, described the student loan initiative as a lifeline designed to eliminate financial obstacles to higher education and expand access to learning opportunities nationwide.
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