Would you like to receive notifications on latest updates of the following headlines?

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

POSTED ON December 4, 2024 •   EDUCATION      BY Benedicta Bassey
Photo illustration of graduating students

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.

READ ALSO
JAMB Sets 2024 Cut-Off Marks for Tertiary Institutions
BY Abiodun Saheed Omodara July 8, 2025 0

The Joint Admissions Matriculation Board announced the admission cut-off marks for universities, pol...

READ ALSO
Nigeria Faces Teacher Shortage: Over 31 Million Learners Rely on Just 915,913 Educators
BY Abiodun Saheed Omodara July 8, 2025 0

According to data from the Universal Basic Education, only 915,913 teachers are available for at lea...

READ ALSO
UNIUYO Medical Lecturers Begin Indefinite Strike over VC appointment
BY Abiodun Saheed Omodara June 30, 2025 0

Medical lecturers at the University of Uyo, affiliated with the Medical and Dental Consultants Assoc...

READ ALSO
Canada Tightens PGWP Eligibility, New Fields of Study Added, Others Removed
BY Abiodun Saheed Omodara June 29, 2025 0

Canadian authorities have made it more difficult for international students to qualify for post-grad...

READ ALSO
UTME Mop-Up Sees Over 80% Absenteeism Amid Security Measures
BY Abiodun Saheed Omodara June 28, 2025 0

Over 80% of the 98,232 candidates eligible for Saturday's nationwide mop-up Unified Tertiary Matricu...

READ ALSO
EFCC Urges Students to Shun Internet Fraud, Embrace Positive Online Ventures
BY Abiodun Saheed Omodara June 23, 2025 0

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on Ni...

READ ALSO
JAMB Schedules 2025 UTME Mop-Up Exam for June 28, 2025
BY Abiodun Saheed Omodara June 22, 2025 0

The Joint Admissions and Matriculation Board (JAMB) has scheduled the 2025 Unified Tertiary Matricul...

READ ALSO
Nigerian Rectors Advocate for AI Integration in Technical Training
BY Abiodun Saheed Omodara June 22, 2025 0

The Rector of Yaba College of Technology, Dr. Ibraheem Abdul, and the Rector of the Federal Polytech...

OUR CHANNELS:

IRCC Raises Minimum Proof of Funds for Immigrants: New Threshold Set at CAD $15,262
BY Abiodun Saheed Omodara July 11, 2025 0

Immigration, Refugees and Citizenship Canada (IRCC) has initiated a review of the settlement fund cr...


Nigeria Urges U.S. to Reassess New Visa Restrictions Amid Concerns Over Reciprocity
BY Abiodun Saheed Omodara July 10, 2025 0

The government of President Bola Tinubu has called on the U.S. government to reassess its visa restr...


Vigilante Leader Vows to Continue Fight against Banditry Despite Heavy Losses
BY Abiodun Saheed Omodara July 10, 2025 0

A vigilante leader in Wase Local Government Area of Plateau State, Abdullahi Hussaini, has pledged t...


JAMB Reports Surge in Exam Malpractices, Two Arrested in Katsina
BY Abiodun Saheed Omodara July 11, 2025 0

Data released by the Joint Admissions and Matriculation Board at its 2025 policy meeting on Tuesday...


Rio Ferdinand Urges Manchester United to Secure Victor Osimhen Amidst Transfer Rumors
BY Abiodun Saheed Omodara July 11, 2025 0

Former Manchester United captain Rio Ferdinand has once again advised the club regarding their searc...


Ex-D’Tigers coach Brown sets goals for new job
BY Abiodun Saheed Omodara July 11, 2025 0

The former head coach of the Nigerian men's national basketball team, D'Tigers,Mike Brown,has s...


U.S. Reduces Visa Duration for Nigerians to Three Months
BY Abiodun Saheed Omodara July 10, 2025 0

The U.S. Department of State has changed its five-year visa policy for Nigerians applying for non-im...


JAMB Sets 2024 Cut-Off Marks for Tertiary Institutions
BY Abiodun Saheed Omodara July 10, 2025 0

The Joint Admissions Matriculation Board announced the admission cut-off marks for universities, pol...


Federal Government Launches Exclusive Passport Office for Senior Officials
BY Abiodun Saheed Omodara July 11, 2025 0

ABUJA, Nigeria - The federal government on Tuesday, inaugurated a new passport front office in Abuja...


African Democratic Congress Claims Government Coercion to Weaken Opposition Coalition
BY Abiodun Saheed Omodara July 11, 2025 0

The African Democratic Congress (ADC) has accused President Bola Tinubu’s administration of ta...


More Articles

Load more...

Menu