N206bn Disbursed to Tertiary Institutions, Students in Two Years - NELFUND

The Nigerian Education Loan Fund, NELFUND, has made significant strides in bridging the financial gap faced by many Nigerian students seeking higher education. According to Umar Faruk-Lawal, a member of the NELFUND Board, who represents students, the Federal Government's student loan programme has been instrumental in breaking down financial barriers that have long hindered access to tertiary education for numerous Nigerians. Faruk-Lawal disclosed that over N206 billion has been disbursed to institutions and students over a two-year period, a development he attributed to the student loan scheme introduced by President Bola Tinubu. The scheme, he noted, has been transformative, enabling students from low-income backgrounds to pursue tertiary education without the burden of tuition fees and other educational expenses. Speaking with journalists in Abuja, Faruk-Lawal highlighted the positive impact of the interest-free loan scheme, which has boosted access to universities, polytechnics, and colleges of education. He noted that many students who secured admission into tertiary institutions were often forced to abandon their academic pursuits due to a lack of financial support before the establishment of NELFUND. 'Today, students can focus on their academic pursuits without the constant fear of dropping out because of financial difficulties. The intervention of President Bola Ahmed Tinubu through NELFUND has changed the narrative for thousands of Nigerian students,' he said. Faruk-Lawal emphasized that the programme has particularly benefited students from less-privileged families, many of whom previously viewed higher education as beyond their reach. He encouraged parents and guardians to motivate their children and wards to take advantage of the scheme, stressing that no qualified Nigerian student should be denied access to higher education because of financial hardship. The student representative also cited the success story of Oladepo Olugbenga, the overall best graduating student of Ladoke Akintola University of Technology, who graduated with a first-class degree and a cumulative grade point average of 4.89 on a 5.0 scale. According to Faruk-Lawal, Olugbenga publicly acknowledged that support from NELFUND helped him overcome severe financial difficulties during his academic journey. He described such testimonies as evidence of the programme's transformative impact and a reflection of the Federal Government's commitment to investing in human capital development. Faruk-Lawal commended the management of NELFUND for ensuring transparency and efficiency in the implementation of the scheme and urged beneficiaries to remain committed to academic excellence. He highlighted recent NELFUND figures showing that more than N206 billion had been disbursed to over 1.16 million students across 270 tertiary institutions nationwide since the scheme commenced. 'The data showed that N128.84 billion was paid directly to institutions as tuition fees, while N77.45 billion was disbursed to students as upkeep allowances,' he said. Faruk-Lawal expressed optimism that increased awareness of the programme would lead to more beneficiaries and further strengthen Nigeria's education sector. NELFUND was established under the Student Loans Act signed by President Bola Tinubu to provide interest-free loans to eligible Nigerian students in tertiary institutions. The initiative aims to expand access to higher education, reduce dropout rates caused by financial hardship, and support students with both tuition and upkeep costs. Since its rollout, the Fund has become a key component of the Federal Government's education financing strategy.