At the August 2025 seminar of the Distance Learning Institute (DLI), University of Lagos (UNILAG), a call was made for the Nigerian Education Loan Fund (NELFUND) to be expanded to cover students across all programmes in tertiary institutions nationwide.
Delivering a seminar paper titled “Access to Students’ Loan and Sustainability of Studentship in the University of Lagos” on Tuesday, August 26, 2025, at the DLI Boardroom, UNILAG, Mathematician and Deputy Dean II of the Student Affairs Division, Dr. Ridiwanulahi Abdulganiy, traced the evolution of tertiary education funding in Nigeria to the pre-independence era, when government bore the full responsibility.
He identified rising student populations, dwindling government revenues, and the high cost of living as major factors straining education funding. While commending the Federal Government for introducing NELFUND—designed to cover tuition and provide monthly upkeep stipends—he stressed that the scheme had bridged financial and social gaps for many students.
However, Dr. Abdulganiy expressed concern over the loan repayment framework, particularly given Nigeria’s rising unemployment rate and the increasing number of graduates produced annually. To strengthen the scheme, he recommended wider stakeholder engagement, regular reviews, capacity building for managers, and the establishment of a transparent funding and management structure to guard against corruption.
In her opening remarks, the Director of the Distance Learning Institute, Professor Risikat Dauda, described NELFUND as a “timely intervention” that eases financial burdens for students. She applauded Dr. Abdulganiy’s presentation, noting that the loan scheme offers hope to indigent students and promotes better academic outcomes regardless of economic background.
The Nigerian Education Loan Fund was established under the Student Loans Act, signed into law in April 2024. The portal for applications officially opened in May 2024.
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