The Nigerian Education Loan Fund (NELFund), a Federal Government intervention agency, has disbursed more than N104 billion to students across Nigerian tertiary institutions.
This data, obtained on Tuesday, highlights funds allocated for institutional fees and upkeep loans.
A breakdown of the disbursement reveals that N33.9 billion was allocated for institutional fees for 320,837 applicants, while N70.2 billion was given as upkeep loans to 292,897 applicants.
The total amount disbursed, as of November 29, 2024, stands at N104,245,064,954.
Beneficiaries expressed gratitude for the initiative. Tomi, a student from the University of Ilorin, stated, “The upkeep loan has been a great relief. I no longer need to rely on my parents for financial support.” Similarly, Muhammed Ibrahim from Usman Dan-Fodio University, Sokoto, praised the program for easing the financial burden on parents and encouraged others to apply.
The initiative follows the enactment of the Student Loans (Access to Higher Education) Act in April 2024, signed into law by President Bola Tinubu. The Act established NELFund to provide loans for tuition, fees, and upkeep to students in approved public tertiary institutions and vocational establishments.
Repayment of old loans has also begun, with individuals like Senior Advocate of Nigeria, Adegboyega Awomolo, and former lawmaker, Lanre Laoshe, repaying their loans from decades ago.
Managing Director of NELFund, Dr. Akintunde Sawyer, has been engaging students nationwide, emphasizing the benefits of the scheme and its role in improving access to higher education in Nigeria.
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