Latest News on NELFUND Today: Updates on Nigeria’s Student Loan
The Nigerian Education Loan Fund (NELFUND) is making significant progress in enhancing access to higher education for students in Nigeria. With recent updates on student loan disbursements, program expansion, and government support, it is clear that NELFUND is playing a crucial role in transforming the country’s education system.
NELFUND Disburses ₦45.1 Billion to Over 525,000 Students
Since its launch in May 2024, NELFUND has disbursed an impressive ₦45.1 billion to support students in financing their education. According to recent reports, over 525,936 students have successfully registered and received financial assistance through the program. This milestone reflects the federal government’s commitment to providing interest-free student loans, ensuring that students can pursue higher education without financial hardship.
The loan covers tuition fees and other essential academic expenses, allowing students from underprivileged backgrounds to focus on their education without worrying about financial constraints. This large-scale disbursement underscores the government’s dedication to youth empowerment and human capital development.
₦72 Million Disbursed to 1,607 Students in Three Institutions
In a more recent development, NELFUND successfully disbursed over ₦72 million to 1,607 students across three Nigerian tertiary institutions:
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Federal College of Education, Obudu
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Abdulkadir Kure University, Minna
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Adamawa State University, Mubi
This targeted disbursement is part of NELFUND’s phased approach to ensuring that funds reach students in various regions across the country. By focusing on different institutions at different stages, the program is effectively addressing the financial challenges faced by students in higher education.
Many beneficiaries have expressed their gratitude, stating that the funds have eased their academic burden. Some students who previously struggled with tuition and living expenses can now concentrate on their studies without financial distractions.
Over 500,000 Students Registered for Interest-Free Loans
The increasing number of applicants for NELFUND’s student loan program highlights its significance in Nigeria’s education sector. As of March 2025, more than 500,000 students have registered for the scheme, demonstrating a high demand for financial support among Nigerian youths.
The Managing Director of NELFUND, Mr. Akintunde Sawyerr, recently reaffirmed the agency’s commitment to ensuring that every eligible student has access to funding. He also emphasized that the loan is interest-free, making it one of the most accessible student loan initiatives in Africa.
Sawyerr further revealed that the government is actively working on improving the disbursement process to ensure that funds are released swiftly and efficiently. This will help students receive their loans on time, preventing any disruption to their education.
NELFUND CEO Commends President Tinubu’s Leadership
In another development, Mr. Akintunde Sawyerr extended his warm congratulations to President Bola Ahmed Tinubu on his 73rd birthday. He praised the President for his unwavering commitment to promoting education and ensuring that no student is left behind due to financial limitations.
According to Sawyerr, the student loan initiative is a key component of President Tinubu’s education reform agenda, aimed at bridging the gap between underprivileged students and access to higher education. He highlighted that the overwhelming response to the program is proof that Tinubu’s vision is being actualized, bringing hope to thousands of students nationwide.
The federal government has continuously reassured Nigerians that no eligible student will be left out of the loan scheme. Efforts are ongoing to ensure that even more students can benefit from the next round of disbursements.
Challenges and Future Prospects
Despite the remarkable progress made, NELFUND still faces a few challenges, including:
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Delays in fund disbursement: Some students have reported delays in receiving their approved funds. The agency is working on streamlining the process to enhance efficiency.
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Limited awareness: While the program is widely publicized, some students and parents are still unaware of how to apply for the loan. NELFUND is intensifying efforts to educate prospective applicants.
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Expansion to more institutions: Some students from private and state-owned universities have raised concerns about eligibility, as the scheme initially focused on federal institutions. Discussions are ongoing to include more schools in the future.
Looking ahead, NELFUND aims to increase its funding capacity to accommodate more students. Additionally, digital platforms are being developed to simplify the application process, allowing students to track their loan status and receive payments more efficiently.
Conclusion
The recent updates on NELFUND’s student loan disbursement show that the program is making a tangible impact on the lives of thousands of Nigerian students. With over ₦45.1 billion disbursed to more than 525,000 students and ₦72 million distributed across three institutions, the initiative is proving to be a game-changer in higher education financing.
As the government and NELFUND continue to refine the program, students can expect faster processing times, increased coverage, and better access to financial aid. This initiative represents a major step toward ensuring that every Nigerian student, regardless of financial background, can achieve their academic dreams.
For students who are yet to apply, now is the time to visit the NELFUND portal, complete the registration process, and secure their place in this life-changing program. With continued support and improvements, NELFUND is set to reshape the future of education in Nigeria.
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