Naija News • 2h ago
NELFUND Disburses N206bn To Over 1M Students Since Inception
**NELFUND: The Lifeline for Nigerian Students**
In a significant milestone, the Nigerian Education Loan Fund, NELFUND, has disbursed over N206 billion to over 1 million students across 270 institutions in Nigeria since its inception barely two years ago. This achievement is a testament to the fund's growing impact in expanding access to tertiary education.
Launched by President Bola Tinubu, NELFUND has received a staggering 1,751,669 applications, with 1,164,222 students successfully benefiting from the scheme. The fund has disbursed N128.84 billion directly to beneficiary institutions as tuition fees, while N77.45 billion has been released to students as upkeep allowances.
The NELFUND management emphasizes that the fund's objective is to address both academic costs and living expenses, making higher education more accessible to indigent students. This includes students from rural areas who may not have access to financial resources.
The fund's Managing Director, Mr. Akintunde Sawyerr, has assured students that no eligible beneficiary will be barred from sitting for examinations due to financial constraints. Sawyerr stressed that the scheme, designed by President Tinubu, aims to eliminate financial barriers to tertiary education through interest-free loans with flexible repayment terms.
The NELFUND scheme has also recorded a steady growth in applications, with 969 new applications in its most recent update, a 0.1 per cent increase. This indicates sustained interest and public confidence in the programme.
For many Nigerian students, the NELFUND scheme has been a lifeline, providing access to tertiary education that was previously out of reach due to financial constraints. As the country continues to develop its education sector, initiatives like NELFUND are crucial in ensuring that no student is left behind.
With its growing impact and steady growth in applications, NELFUND is poised to continue playing a significant role in expanding access to tertiary education in Nigeria.