The Nigerian Education Loan Fund (NELFUND) has disbursed N11 billion to over 90,000 students in the past six months, according to Dr. Akintunde Sawyer, Managing Director of NELFUND. Announced during a Senate oversight visit, Sawyer explained that the loans cover tuition and stipends, with the remaining funds from a N96 billion commitment set to be distributed in the coming weeks.
The loan program includes two types: the Institutional Loan for tuition, and the Upkeep Loan for personal expenses, which becomes available after receiving the Institutional Loan. The program aims to support students from across Nigeria, with the highest distribution seen in the Northwest (38%) and Northeast (26%).
Sawyer emphasized that the program’s primary goal is long-term student empowerment, not profit. Repayment begins two years after National Youth Service (NYSC) if beneficiaries are employed, with deductions managed by employers. Senate Committee Chairman Muntari Dandutse praised NELFUND’s rapid progress and confirmed plans to establish liaison offices in each geopolitical zone to coordinate universities and other institutions in accessing these loans.
