The Nigerian Education Loan Fund (NELFUND) has disbursed N10 billion in loans to 40,000 students across the country. This was disclosed by the Managing Director of NELFUND, Mr. Akintunde Sawyerr, during an interview on Politics Today with Seun Okinbaloye on Channels Television.
Sawyerr revealed that 370,000 students have registered on the NELFUND portal, with 280,000 applying for loans. Additionally, 89,000 students remain undecided, having logged into the system but not yet completed the application process. “We engaged students electronically, not physically,” Sawyerr said, adding that students from universities, polytechnics, and colleges of education are eligible to apply for both institutional and upkeep loans.
Speaking on the structure of the loan disbursement, Sawyerr explained that institutional fees are paid per session, while upkeep fees are disbursed monthly. Currently, students receive a monthly stipend of N20,000 to support their living expenses, with plans underway to increase this amount in the future.
‘We have a commitment of paying fees of about 30 billion and 60 billion in upkeep” he added.
To ensure the safety of the funds and to avoid the risks associated with manual processes, NELFUND is partnering with banks to create a secure environment, particularly to address potential internet exclusion challenges. “We are careful about going manually because of the danger of handling large sums of funds,” Sawyerr emphasized.
Addressing the delay in disbursement, he noted that while there is sometimes a lag in the process, this is due to verification requirements. “When applications are received, we send the list to the institutions to confirm the studentship, and sometimes there is a delay in this process,” Sawyerr explained.
He reassured students that NELFUND is not short of funds, as the presidency has made ample resources available. “Our mission is to catch as many students as possible, especially those facing financial challenges, to help them continue their education,” Sawyerr added.
NELFUND has also committed to paying N30 billion in institutional loans and N60 billion for student upkeep, reinforcing its dedication to making education accessible to indigent students across Nigeria.
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