In a move to support the educational aspirations of Nigerian students, the newly launched Nigerian Education Loan Fund (NELFUND) has announced that it will begin disbursing funds to successful applicants as early as next week.
The NELFUND, which was officially launched by President Bola Tinubu at the State House in Abuja, is a government-backed initiative aimed at providing affordable and accessible education loans to students in tertiary institutions across the country.
According to Akintunde Sawyerr, the Managing Director of NELFUND, the program is designed to give Nigeria “better leadership in the future and improve the socio-economic situation of the country.”
Sawyerr revealed that the fund has already received applications from over 170,000 students, with 110,000 of them having completed the verification process and being eligible to receive the loans. He emphasized that the first batch of beneficiaries will be those who are about to start a new academic session in their respective institutions.
“The people who are going to first receive alerts as early as next week are the people who are about to start a new session in the institution they are in,” Sawyerr said during an interview on Channels Television’s Politics Today.
The NELFUND program offers two types of benefits to students: direct payments to their institutions on their behalf, and a monthly stipend to cover their living expenses. To be eligible, applicants must have a Joint Admissions and Matriculation Board (JAMB) number, a matriculation number, a Bank Verification Number (BVN), and a National Identification Number (NIN).
Sawyerr highlighted the significance of the program, stating that the current exposure to students is around N35 billion, with the fund having the capacity to disburse much more. He also noted that the fund is set to receive 1% of the Federal Inland Revenue Service (FIRS) taxes, as well as additional funding from other sources.
The launch of the NELFUND comes at a crucial time when the cost of education in Nigeria has become a significant barrier for many aspiring students. The program aims to address this challenge by providing affordable and accessible loans, empowering young Nigerians to pursue their educational goals and contribute to the country’s future development.
“This loan is for those who are going to be starting institutions afresh or those who are already there,” Sawyerr explained, underscoring the fund’s commitment to supporting both new and continuing students.
As the NELFUND begins its disbursement process, it is expected to have a transformative impact on the educational landscape in Nigeria. By providing financial assistance to students, the program has the potential to increase access to higher education, reduce the burden on families, and ultimately cultivate a more educated and skilled workforce that can drive the country’s socio-economic progress.
The successful implementation of the NELFUND program will be closely watched by stakeholders, as it represents a significant step forward in the government’s efforts to invest in the country’s human capital and secure a brighter future for Nigeria’s youth.
