By Joseph Erunke, Abuja
The Nigerian Education Loan Fund (NELFUND) has disbursed more than N303 billion to about 850,000 Nigerian students within two years of operation, marking one of the Federal Government’s major interventions in expanding access to tertiary education.
The Managing Director and Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, disclosed this on Wednesday in an exclusive interview with Vanguard, saying the scheme had recorded over 1.5 million loan disbursements, with some beneficiaries receiving multiple payments for institutional fees and monthly upkeep allowances.
Sawyerr said the programme, established under the Nigerian Education Loan Fund Act signed into law by President Bola Ahmed Tinubu on April 4, 2024, and launched on May 24, 2024, had significantly reduced the financial burden on students and their families.
He explained that NELFUND had paid institutional fees to 315 tertiary institutions, including federal and state universities, polytechnics and colleges of education, while eligible students receive a monthly upkeep allowance of N20,000.
