The Nigerian Education Loan Fund (NELFUND) has disclosed that more than 271,000 Nigerian students pursuing tertiary education have received a financial lifeline through the Federal Government’s Student Loan program since its launch in May 2024.
It also clarified the eligibility criteria for the scheme, explaining why students pursuing post-graduate programmes are not qualified to apply for the facility.
Managing Director of the Fund, Akintunde Sawyerr, gave the revelation while speaking on TVC’s Breakfast Saturday.
According to the Managing Director, as of Saturday, March 22, out of 521,000 students who have registered for the loan facility, approximately 438,000 have submitted their applications.
His words: “Nigerian students are reacting extremely positively to the initiative. And as more disbursements happen, they are becoming more trusting. One of the interesting things going on at the moment is that President Bola Tinubu is restoring trust in the government. The students are receiving it well. We are transparent about what we are doing.
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“In total, till date we have about 271,000 Nigerian students who have either had their fees paid or their fees plus upkeep.
“The way the President has set this up and the way he has insisted that this must work is that you don’t need to know anybody to access this loan. And that’s what we are doing. No connections, no long leg, no man-know-man. We are not going to allow it to happen. The President wants us to completely democratize education.”
Although repayments have not yet been received, the Managing Director assured that the Fund is developing a robust repayment structure to facilitate timely and effective loan repayments.
He said currently, postgraduate students are not eligible to apply for the loan, as the primary focus is on supporting students pursuing their first degree.
Sawyerr, however, offered a glimmer of hope for postgraduate students, indicating that they may be eligible for the loan facility in the future.
He said: “Post-graduate students can’t apply for this loan. We have a lot of people in this country who are just trying to get on the first rung of the ladder as far as tertiary education is concerned. The funds we have are focused on those people who are looking for their first opportunity.
“I congratulate those who have graduated who are doing their Master’s or PhDs, it’s fantastic. At some point in the future, we will be able to fund them. Today, we are looking for those who need us most. They are the people we want to support.
“We do have plans for them (post-graduate students) but they are not our priority currently. Our priority currently are those who are leaving secondary school and dropping out because they can’t afford to go to university. That’s our focus. We want to stop people from exiting the system post-secondary school. We also want to stop people from dropping out 200 Level, 300 Level, 400 Level because of lack of money. That’s our focus for now. Let’s rescue these guys first. We will get to those who are a little bit better endowed educationally.
