Mr. Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund (NELFUND), has said that the President Bola Tinubu-led government through the fund has disbursed a total of N110 billion in loans to students enrolled in public institutions across Nigeria.
Sawyerr made this disclosure on Tuesday during the inauguration and induction of members of NELFUND Servicom in Abuja.
The NELFUND boss noted that the disbursement amount is constantly changing due to frequent loan distributions.
According to Sawyerr, NELFUND operates through a two-step process, where applicants must first register before applying for a loan.
He said, “We currently have about 417,000 students registered on our portal, and 328,000 of them have actually applied.”
“We’ve recently approved a new batch of loans amounting to N110 billion, which will be distributed to students in various forms.
“Approximately 60% of this amount will go directly to institutions to cover full tuition fees, while 40% will be allocated for students’ upkeep. The upkeep portion is slightly less than the total fee,” he added.
Sawyerr also estimated that NELFUND’s financial commitment to students in government-owned tertiary institutions—universities, polytechnics, and colleges of education is around N2.1 million.
He said the figure would likely grow as NELFUND launches its skills program, which is expected to involve a larger number of students.
“We process around 1000 new applications daily, with the peak reaching 9,000 applications in one day.
“It’s important to note that while students may register but not immediately apply for a loan, they are still captured in the system, which is why there is a gap between the 417,000 registrants and the 328,000 applicants,” he said.
On the repayment terms, Sawyerr emphasised the favorable conditions for students.
“This loan is interest-free.
“Students repay exactly what they borrow, and they do not begin repayments until two years after completing their National Youth Service Corps (NYSC). At that time, they must report their employment status to us,” he explained.
In her remarks, Nnenna Akajemeli, the National Coordinator for SEVICOM, stated that establishing a SEVICOM unit within NELFUND aims to improve the fund’s service delivery.
“The creation of the SEVICOM unit reflects NELFUND’s commitment to enhancing the efficiency and transparency of government services to citizens and stakeholders, particularly in increasing access to educational funds for students in need,” she said.
Akajemeli further noted that SEVICOM’s mandate is to assist indigent but brilliant students who aspire to attend school but lack the financial means.
She emphasized the importance of managing the loan process effectively to ensure quality graduates emerge from the educational system.
