NELFUND Breaks Financial Barriers as ₦206 Billion Student Loan Disbursement Sparks Nationwide Impact

(NELFUND. Photo by Student Loan Portal)

A member of the Board of the Nigerian Education Loan Fund (NELFUND), Umar Faruk-Lawal, has said the Federal Government's student loan programme is helping to break financial barriers that have long prevented many Nigerians from accessing higher education.

He disclosed that over ₦206 billion has been disbursed by NELFUND to institutions and students in two years.

Lawal, who represents students on the agency's board, said the interest-free loan scheme introduced by President Bola Tinubu was already transforming lives by enabling students from low-income backgrounds to pursue tertiary education without the burden of tuition fees and other educational expenses.

Speaking with journalists in Abuja on Thursday, Lawal noted that before the establishment of NELFUND, many students who secured admission into tertiary institutions were often forced to abandon their academic pursuits due to a lack of financial support.

"Today, students can focus on their academic pursuits without the constant fear of dropping out because of financial difficulties.

The intervention of President Bola Ahmed Tinubu through NELFUND has changed the narrative for thousands of Nigerian students," he said.

He added that many students can now aspire to study courses of their choice knowing that NELFUND will cater for their tuition fees while also providing monthly upkeep allowances to support their living expenses.

Lawal urged parents and guardians to encourage their children and wards to take advantage of the scheme, stressing that no qualified Nigerian student should be denied access to higher education because of financial hardship.

He also pointed to the success story of Oladepo Olugbenga, the overall best graduating student of Ladoke Akintola University of Technology, who graduated with a first-class degree and a cumulative grade point average of 4.89 on a 5.0 scale, and who publicly acknowledged that support from NELFUND helped him overcome severe financial difficulties during his academic journey.

Recent NELFUND figures show that more than ₦206 billion has been disbursed to over 1.16 million students across 270 tertiary institutions nationwide since the scheme commenced, with ₦128.84 billion paid directly to institutions as tuition fees and ₦77.45 billion disbursed to students as upkeep allowances.

NELFUND was established under the Student Loans Act signed by President Tinubu to provide interest-free loans to eligible Nigerian students in tertiary institutions, with the aim of expanding access to higher education, reducing dropout rates caused by financial hardship and supporting students with both tuition and upkeep costs.