NELFUND Disburses N73.2bn in Student Loans to 396,252 Beneficiaries in First Year

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The Nigerian Education Loan Fund (NELFUND) has disbursed over N73.2 billion in interest-free loans to 396,252 students across all 36 states and the Federal Capital Territory (FCT) in its first year of operation.

NELFUND Managing Director, Akintunde Sawyerr, announced the milestone on Thursday during a media briefing in Abuja, detailing the Fund’s progress since its launch by President Bola Tinubu.

Sawyerr disclosed that 645,692 applications had been received, with 94% processed from 206 higher institutions nationwide.

“For the first time in Nigeria’s history, students are benefiting from structured, interest-free education financing through a national public fund,” he said.

The initiative, designed to prevent financially disadvantaged students from dropping out, reflects strong political will to expand access to tertiary education and vocational training through sustainable funding.

“Since the application portal opened in May 2024, we’ve recorded significant progress, with many beneficiaries being first-generation university students,” Sawyerr added.

He highlighted the digital and transparent loan system, ensuring efficient processing and verification. However, challenges such as data inconsistencies, verification delays, and misinformation have posed hurdles.

Despite these, Sawyerr reaffirmed NELFUND’s commitment to accountability and continuous system improvements. “We’ve enhanced our processes, engaged applicants directly, trained institutional representatives, and resolved issues promptly,” he assured.

Addressing misinformation on social media, Sawyerr cautioned against unverified claims that could undermine public trust, urging Nigerians to rely only on official NELFUND channels for accurate updates.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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