The Nigerian Education Loan Fund (NELFUND) has announced a significant update, revealing that the number of student loan beneficiaries could reach a record 2.1 million by the end of this academic year. Akintunde Sawyerr, the Managing Director of NELFUND, shared this projection during the inauguration of SERVICOM unit members and committee in Abuja on December 12, 2024.
Sawyerr explained that the growth in loan beneficiaries is largely driven by the admission of 400,000 new students into Nigerian tertiary institutions this year. This increase is expected to push the total number of students benefiting from NELFUND’s financial support to an estimated 2.1 million. Since its inception, NELFUND has disbursed over ₦104 billion to 613,734 students, supporting them with loans for both institutional fees and upkeep expenses.
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The NELFUND chief clarified that the Fund’s mandate is focused on supporting students in government-owned tertiary institutions, such as universities, polytechnics, and colleges of education. This is in accordance with the law establishing the Fund, which restricts its operations to the tertiary education sector. Sawyerr noted that while the challenge of over 20 million out-of-school children in Nigeria is well-recognized, NELFUND is legally limited to serving those in higher education.
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At the same event, Mrs. Nnenna Akajemeli, the National Coordinator and CEO of SERVICOM, emphasized the importance of cooperation between NELFUND and SERVICOM to ensure a smooth and efficient loan process for students. SERVICOM, a government initiative aimed at improving service delivery in federal agencies, plays a key role in supporting the work of NELFUND.
Sawyerr also shared that 417,000 students have registered on NELFUND’s portal, with 328,000 having already submitted their loan applications. Many of these applications are currently being processed, and the Fund is committed to providing financial support to qualified applicants.
As NELFUND continues to grow and scale its operations, it remains focused on expanding access to education through its loan program, ensuring that more Nigerian students can pursue their academic goals with financial assistance from the government.
Source: Punch News
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