Nigerian Education Loan Fund Disburses Over ₦22 Billion to Students
Abuja, Nigeria – In a significant boost to higher education accessibility, the Nigerian Education Loan Fund (NELF) has disbursed over ₦22 billion to students across the country. This development aims to alleviate financial burdens and ensure that qualified students, particularly those from low-income backgrounds, can pursue higher education without economic constraints.
The ₦22 billion disbursement, which has reached thousands of students in federal and state institutions, is part of the government’s broader initiative to improve education financing in Nigeria. The student loan program, introduced under the Student Loan Act, provides interest-free loans to eligible applicants, covering tuition fees, accommodation, and other educational expenses.
According to NELF’s Executive Secretary, Dr. Yusuf Lawal, the latest disbursement represents the government’s commitment to ensuring inclusive and equitable access to education. “Education is the backbone of national development. This fund is designed to remove financial barriers that prevent students from completing their studies,” he stated during a press briefing in Abuja.
Many students who have benefited from the program expressed their gratitude, highlighting how the funds have enabled them to stay in school despite economic challenges.
Aisha Mohammed, a second-year medical student at Ahmadu Bello University, shared her experience: “Before this loan, my parents struggled to pay my tuition. Now, I can focus fully on my studies without constant financial worries.”
Similarly, Chinedu Okeke, an engineering student at the University of Lagos, emphasized that the loan has provided much-needed relief. “It’s a game-changer for many of us. Education should not be a privilege reserved for the wealthy,” he said.
The Nigerian Education Loan Fund is structured to ensure sustainability. Beneficiaries will be required to repay their loans upon securing employment after graduation. The repayment model is designed to be flexible, with deductions made directly from salaries at an affordable percentage.
Dr. Lawal assured students that future disbursements would continue, urging them to apply as early as possible. “We are working with institutions to streamline the application process and ensure timely access to funds,” he noted.
Despite the positive impact of the initiative, there are concerns about delays in processing applications and reaching more students in need. Some applicants reported long waiting periods before receiving their funds.
Education stakeholders are calling on the government to expand the program and increase funding allocations. Professor Funke Adeyemi, an education policy analyst, urged authorities to enhance efficiency. “While the initiative is commendable, accessibility and speed of disbursement must improve. More students should benefit without bureaucratic bottlenecks,” she suggested.
The Nigerian Education Loan Fund’s ₦22 billion disbursement marks a critical milestone in the country’s efforts to support students and promote higher education. With continued expansion and improved execution, the initiative could bridge educational inequality and foster national development.
As students continue to benefit from the scheme, all eyes are on the government to ensure its long-term sustainability and effectiveness.
With Nigeria investing more in education financing, students and education advocates remain hopeful for a brighter future.
