In a significant boost to the Nigerian education sector, the Federal Government has allocated ₦50 billion to the Nigerian Education Loan Fund (NELFUND) from recovered proceeds of crime. This financial injection aims to enhance support for students across the country, furthering President Bola Tinubu's commitment to education reform.
The announcement was made on Friday by NELFUND's Director of Corporate Communications, Oseyemi Oluwatuyi who disclosed that the funds were released following President Tinubu's directive on August 4, 2024, to support the student loan program and improve access to higher education for Nigerians.
NELFUND’s Managing Director and CEO, Akintunde Sawyer, confirmed the receipt of the funds, expressing gratitude for the President's dedication and the swift action by the Economic and Financial Crimes Commission (EFCC), led by Ola Olukayode. The release of these funds marks a major milestone in the administration's efforts to address educational disparities and provide financial support to students in need.
"By allocating these funds to the student loan scheme, President Tinubu has reinforced his commitment to enhancing educational opportunities and supporting vulnerable segments of the population," the statement read. "This funding will significantly bolster NELFUND's capacity to support students in pursuing their academic goals without financial barriers."
NELFUND has already made substantial progress in its mission. As of August 22, 2024, the fund has directly paid the tuition fees for 20,000 students across six universities, including the University of Ibadan, the University of Benin, the University of Maiduguri, the University of Ilorin, and Bayero University, Kano. The initiative is part of President Tinubu’s flagship education project, designed to provide loans to indigent and low-income Nigerians through the Access to Higher Education Act.
The student loan scheme has seen considerable uptake, with over 280,000 students registered and approximately 256,000 having completed their applications. However, Sawyer noted that delays in loan approvals are often due to errors in registration documents, underscoring the need for accurate submissions to expedite the process.
In addition to the funding announcement, NELFUND recently cleared 22 more state-owned tertiary institutions to participate in the loan program, bringing the total number of approved institutions to 108. This expansion aims to broaden the reach of the program and support a greater number of students across various states.
The Nigerian Education Loan Fund, NELFUND, established under the Access to Higher Education Act, is tasked with managing student loans, grants, disbursements, and recoveries. The recent funding boost is expected to enhance the program's effectiveness and its ability to support students in achieving their educational and career aspirations.
As NELFUND continues to roll out its programs, students are encouraged to monitor their loan application status and stay informed about disbursement schedules. The organization remains committed to transparent and timely distribution of funds, ensuring that every eligible student benefits from the scheme.