The Nigerian Education Loan Fund (NELFUND) has made a significant impact on education in Nigeria, disbursing N116.184 billion for institutional loans and student upkeep across 176,252 beneficiary institutions as of January 2025. This initiative, under the Nigerian Student Loan Scheme, has benefited 680,658 students in universities, polytechnics, and colleges of education, providing them with access to quality education.
According to NELFUND’s Managing Director, Akintunde Sawyer, this investment is transforming the lives of Nigerian students and their families, easing financial burdens and improving academic outcomes.
The loans have not only supported students financially but also contributed to stabilizing academic calendars by minimizing disruptions linked to financial challenges. Sawyer stated that out of the N116.1 billion disbursed, N37 billion was allocated for institutional loans, covering tuition and fees, while N78 billion was distributed as upkeep loans to support students with living expenses.
This level of investment is yielding positive results, with students performing better due to reduced stress over funding, and institutions benefiting from increased enrollment and retention rates. The scheme has also promoted transparency and accountability in the education sector, ensuring that funds are utilized efficiently and effectively.
NELFUND has implemented a nationwide sensitization campaign to ensure every eligible student can access the scheme, promoting awareness and encouraging participation. So far, 457,621 students have registered their interest, with 352,796 completing applications, demonstrating the scheme’s popularity and effectiveness.
Regional participation rates vary, but targeted outreach is being implemented to boost awareness in underserved areas, ensuring that all eligible students have access to the scheme. The Education Loan Fund was allocated a budget envelope of N58.4 billion for the 2025 fiscal year, reflecting the government’s commitment to supporting education and promoting economic growth.
Out of the N58.4 billion budgetary proposal for 2025, N12.2 billion is earmarked for personnel cost, N24.7 billion for overhead cost, and N21.4 billion for capital expenditure. The joint committee, chaired by Sen Muntari Dandutse and Gboyega-Isiaka, approved the budgetary proposals through a voice vote, demonstrating their support for the scheme and its objectives.
Earlier, the Chairman of the Joint Committee emphasized the need for transparency in the spending of appropriations made for the agency in 2025, ensuring that funds are utilized efficiently and effectively. In a related development, the Federal Government approved N4 billion for Conditional Cash Transfers (CCT) to support vulnerable households, promoting social welfare and reducing poverty.
Additionally, N2 billion was approved for interest-free loans to farmers in rural areas, enhancing food production and self-sufficiency, and promoting economic growth. The Minister of Humanitarian Affairs and Poverty Reduction, Prof NentaweYilwada, outlined an initiative aimed at addressing the country’s growing humanitarian challenges, focusing on the most vulnerable members of society.
The initiative, which includes the CCT program, aims to support at least 10 million displaced households, promoting social welfare and reducing poverty.The government’s commitment to supporting education, social welfare, and economic growth is evident in these initiatives, demonstrating its dedication to promoting the well-being of Nigerian citizens.
Source : https://guardian.ng/news/
