NELFUND Disburses ₦73.2bn Interest-Free Loans to 396,252 Students Nationwide!
In its first year, the Nigerian Education Loan Fund (NELFUND) has disbursed over N73.2 billion in interest-free loans to 396,252 students across all 36 states and the Federal Capital Territory.
This achievement was announced on Thursday during a media conference in Abuja by NELFUND Managing Director Akintunde Sawyerr, who provided a summary of the fund’s progress since its launch by President Bola Tinubu.
Sawyer reported that 645,692 loan applications had been received, with 94 percent processed from 206 higher educational institutions nationwide.
“For the first time in our nation’s history, students are receiving structured, interest-free access to education funding through a national public fund,” he stated.
He called the program a demonstration of strong political determination, designed to assist undergraduates who might otherwise withdraw due to financial difficulties. He mentioned that the initiative seeks to enhance access to tertiary education and vocational training through a sustainable financing approach.
Since our application portal became active in May 2024, we’ve witnessed significant and positive advancement. Many of the recipients are first-generation students in higher education,” he remarked.
Sawyer highlighted the digital and transparent framework of the loan system, which guarantees efficient processing, tracking, and verification. However, he acknowledged that the initiative has faced several challenges, including inconsistencies in data, delays in verification, and the circulation of false information.
Despite these obstacles, he assured the public of NELFUND’s commitment to accountability and continuous improvements to the system. “We’ve remained resolute, enhancing our processes, communicating directly with applicants, training institutional representatives, and swiftly addressing issues,” he stated.
Cautioning against misinformation on social media, Sawyerr indicated that unverified claims could undermine the integrity and trust in the fund among the public. He encouraged Nigerians to depend on official communication channels for trustworthy information.
DOWNLOAD EXAM SCHOLARS 2025 CBT APP ON THE PLAY STORE
DOWNLOAD EXAM SCHOLARS 2025 CBT APP ON THE APP STORE
DOWNLOAD EXAM SCHOLARS 2025 CBT APP ON WINDOWS
VISIT EXAMSCHOLARS.COM for more info
