Student loan: 613,734 students get N104bn loan, says NELFund

Nigeria — The Nigerian Education Loan Fund, says it has disbursed over N104bn to students in Nigerian tertiary institutions across the country since inception.

Relevant data obtained from the Fund revealed on Wednesday.

The disbursed funds comprises of the institutional fees paid directly to the institutions of applicants and upkeep loans paid directly to the account number provided by the applicants.

Findings from the data obtained from NELFund revealed that a total of 320,837 applicants applied for institutional fees and the sum of N33.9bn disbursed while N70.2bn was disbursed as upkeep loan to 292,897 applicants.

Total disbursed so far as of November 29,2024 stands at N104,245,064,954 in terms of institutional and upkeep loans.

Students’ reaction to the loan

Following the introduction of the student loans, many Nigerians have hailed the scheme.

A beneficiary of the scheme, who simply identified himself as Tomi from the University of Ilorin said, “We are grateful to the Federal Government for the intervention. Personally, I am grateful for the upkeep loan. I have no reason to be broke or disturb my parents for upkeep. I have enough to take care of myself every month.”

Another student, Muhammed Ibrahim from the Usman Dan-Fodio University, Sokoto, said, “The intervention has lifted burdens from the shoulders of parents. Parents no longer have to worry about sourcing for funds. I encourage people who have not taken the loan to do so. There is no interest and repayment is going to be easy.”

Recall that President Bola Tinubu, on April 3, signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.

The assent was sequel to the separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and the Tertiary Education Trust Fund.

The executive bill titled, ‘A bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a body corporate to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and related matters,’  was signed in the presence of the leadership of the National Assembly, ministers and major stakeholders of education.

The Act empowers the Nigeria Education Loan Fund to provide loans to qualified Nigerian students for tuition, fees, charges and upkeep during their studies in approved public tertiary institutions and vocational and skills acquisition establishments in the country.

Earlier in August, a former member of the House of Representatives, Lanre Laoshe repaid his N1,200 student loan received between 1976 and 1979 with N3,189,217.00 to the Nigerian Education Loan Fund.

The Managing Director of the Fund, Akintunde Sawyerr has continued to embark on visits across tertiary institutions to sensitise students on the benefits of the scheme and the need for students to be partakers.