A member of the Board of the Nigerian Education Loan Fund (NELFUND), Umar Faruk-Lawal, has revealed that more than ₦206 billion has been disbursed to tertiary institutions and students across Nigeria since the student loan scheme was launched.
Speaking with journalists in Abuja, Lawal said the initiative, introduced by President Bola Tinubu, is helping to remove financial barriers that have long hindered access to higher education for many Nigerians.
According to him, the interest-free loan programme has enabled thousands of students from low-income families to pursue university, polytechnic, and college education without the burden of tuition fees and other educational costs.
He noted that before the establishment of NELFUND, many students who gained admission into tertiary institutions were unable to continue their studies due to financial constraints.
“Students can now focus on their academic pursuits without the fear of dropping out because of financial difficulties,” he said, adding that the programme has transformed educational opportunities for many young Nigerians.
Lawal explained that the scheme not only covers tuition fees but also provides monthly upkeep allowances, making higher education more accessible to students from disadvantaged backgrounds.
He encouraged parents and guardians to support their children in taking advantage of the programme, stressing that no qualified Nigerian student should be denied tertiary education because of financial hardship.
Highlighting the impact of the initiative, Lawal cited the example of Oladepo Olugbenga, the overall best graduating student of Ladoke Akintola University of Technology (LAUTECH), who graduated with a first-class degree and a CGPA of 4.89. According to him, Olugbenga acknowledged that NELFUND’s support helped him overcome significant financial challenges during his studies.
Lawal also commended the management of NELFUND for ensuring transparency and efficiency in implementing the programme and urged beneficiaries to remain committed to academic excellence.
Recent figures released by the Fund show that over 1.16 million students across 270 tertiary institutions have benefited from the scheme. Of the total amount disbursed, ₦128.84 billion was paid directly to institutions for tuition, while ₦77.45 billion was provided to students as upkeep allowances.
He expressed confidence that increased awareness of the programme would attract more beneficiaries and further strengthen Nigeria’s higher education sector.
NELFUND was established under the Student Loans Act signed by President Bola Tinubu to provide interest-free loans to eligible students in tertiary institutions across the country. The initiative aims to expand access to education, reduce dropout rates caused by financial hardship, and support students with both tuition and living expenses.
Credit: Adapted from a report by Deborah Tolu-Kolawole, Punch Newspapers.
EduTimes Africa, a product of Education Times Africa, is a magazine publication that aims to lend its support to close the yawning gap in Africa's educational development.