Hope Reignited! NELFUND’s N73.2bn Interest-Free Loans Transform Future For 396,252 Students

In its debut year, the Nigerian Education Loan Fund (NELFUND) has disbursed a remarkable N73.2 billion in interest-free loans to 396,252 students across Nigeria’s 36 states and the Federal Capital Territory

This landmark achievement was unveiled on Thursday in Abuja by the Managing Director of NELFUND, Akintunde Sawyerr, during a comprehensive media briefing. He detailed the Fund’s milestones since its official launch by President Bola Tinubu, noting that over 645,000 loan applications had been received, with 94 percent already processed from 206 accredited higher institutions across the country.

“For the first time in our history, Nigerian students are enjoying structured access to interest-free education finance through a transparent national mechanism,” Sawyerr stated. He emphasized that the initiative is driven by strong political commitment aimed at preventing financially challenged students from dropping out of school. The loan scheme, he said, also promotes both tertiary education and vocational training through a viable and sustainable financing model.

According to iReporter Online, Sawyerr noted that a large proportion of the beneficiaries are first-generation university students, highlighting the transformative impact the program is already having. Since the application portal went live in May 2024, the Fund has recorded consistent progress. He lauded the digital and transparent framework of the platform, which ensures seamless processing, real-time verification, and direct engagement with applicants.

However, Sawyerr admitted that the Fund has faced several operational hurdles, including discrepancies in student data, delays in verification from institutions, and the harmful spread of disinformation online. He assured Nigerians that NELFUND remains committed to refining its systems, training institutional liaisons, and swiftly resolving all applicant concerns.

While addressing the rising wave of false claims on social media, Sawyerr warned that the spread of unverified information poses a threat to public confidence in the initiative. He encouraged students and parents to rely solely on official communication channels for credible updates, according to iReporter Online.

”IREPORTER REPORTS”