The Nigerian Education Loan Fund (NELFUND) has described demand for student loans under the Federal Government’s education financing scheme as “overwhelming”.
NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyerr, disclosed this during an interview on Channels Television’s Sunday Politics programme.
Sawyerr said the strong demand reflected the financial difficulties faced by many Nigerian students seeking to remain in tertiary education.
According to him, the student loan scheme has provided financial relief to students who might otherwise struggle to pay for their education.
He disclosed that NELFUND had so far disbursed about ₦162 billion in upkeep allowances to students.
The NELFUND chief executive said the organisation was analysing the growing demand and its financial implications as the programme expands.
He also dismissed allegations that the scheme favours children of members of the All Progressives Congress, describing the claim as “completely ridiculous”.
Sawyerr said beneficiaries were selected according to established criteria without political affiliation or other considerations.
The student loan scheme was established to provide interest-free financial support to eligible students in public tertiary institutions across Nigeria.
The development highlights both the growing demand for tertiary education financing and the increasing pressure on government to sustain the scheme as more students seek assistance.
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