A member of the Board of the Nigerian Education Loan Fund Umar Faruk-Lawal, has disclosed that more than N206 billion has been disbursed to students and tertiary institutions across Nigeria since the student loan scheme commenced.
Speaking with journalists in Abuja on Thursday, Faruk-Lawal said the initiative has significantly reduced financial barriers that previously prevented many Nigerians from pursuing higher education.
According to him, the interest-free loan programme introduced by President Bola Tinubu has provided thousands of students from low-income families with access to universities, polytechnics and colleges of education.
“Many students who secured admission in the past were unable to continue their education because they lacked financial support. Today, that reality is changing as students can focus on their studies without the fear of dropping out due to lack of funds,” he said.
The board member noted that the scheme has particularly benefited students from disadvantaged backgrounds by covering tuition fees and providing monthly upkeep allowances.
“Students can now pursue their preferred courses with the confidence that their tuition fees will be taken care of while they also receive support for their living expenses,” Faruk-Lawal stated.
He urged parents and guardians to encourage eligible students to take advantage of the programme, stressing that financial hardship should no longer stand in the way of obtaining tertiary education.
“No qualified Nigerian student should abandon their educational ambitions because of financial constraints. The government has created a support system that can help them achieve their goals,” he added.
Faruk-Lawal also highlighted success stories linked to the scheme, citing the case of Oladepo Olugbenga, the overall best graduating student of Ladoke Akintola University of Technology, who graduated with a cumulative grade point average of 4.89.
He said Olugbenga had publicly acknowledged that assistance from NELFUND helped him overcome financial difficulties during his academic journey.
According to Faruk-Lawal, such testimonies demonstrate the impact of the programme and underscore the Federal Government’s commitment to investing in education and human capital development.
Providing an update on the scheme’s performance, he revealed that over 1.16 million students in 270 tertiary institutions have benefited from the fund.
“The latest figures show that N128.84 billion has been paid directly to institutions for tuition, while N77.45 billion has been disbursed to students as upkeep allowances,” he said.
He commended the management of NELFUND for maintaining transparency and efficiency in the implementation of the programme and expressed optimism that increased awareness would attract more beneficiaries.
NELFUND was established under the Student Loans Act signed into law by President Tinubu to provide interest-free loans to eligible students in tertiary institutions, with the aim of improving access to higher education and reducing student dropout rates caused by financial challenges.
