The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, has again urged Nigerian youths to take full advantage of the federal government’s student loan scheme to secure their future and contribute to national development.
Sawyerr disclosed that since the launch of the student loan programme in May 2024, NELFUND has disbursed a total of ₦174 billion to more than 800,000 students across 263 tertiary institutions nationwide.
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He made this known on Tuesday during a sensitisation programme organised by the Ogun State Institute of Technology, Igbesa, in Ado-Odo/Ota Local Government Area of Ogun State.
According to him, over ₦100 billion of the amount disbursed has been paid directly to tertiary institutions as tuition fees, while about ₦70 billion has gone to students as monthly upkeep allowances.
Sawyerr revealed that the agency currently receives between 6,000 and 7,000 applications daily from students seeking to benefit from the initiative.
He explained that the student loan scheme was established in line with President Bola Tinubu’s vision to ensure that no Nigerian is denied access to quality tertiary education due to financial constraints or poverty.
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The NELFUND boss encouraged youths who have secured admission into government-owned tertiary institutions to apply for the loan, noting that the fund pays school fees directly to institutions and provides students with a monthly upkeep of ₦20,000.
Giving an overview of the programme’s performance, Sawyerr said the funds have so far been disbursed to universities, polytechnics, and colleges of education, with payments made directly into the institutions’ accounts.
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