NELFUND Projects 2.1 Million Beneficiaries for Student Loans

The Nigerian Education Loan Fund (NELFUND), a Federal Government initiative, has projected that the number of student loan beneficiaries could reach 2.1 million. This estimate was revealed by NELFUND’s Managing Director, Akintunde Sawyerr, during the inauguration and induction of members of the SERVICOM unit and committee in Abuja on Tuesday.

This projection follows data released last week showing that NELFUND has disbursed over ₦104 billion in loans to students of Nigerian tertiary institutions since its establishment. The loans include payments for institutional fees directly to schools and upkeep allowances paid to the students’ accounts.

Speaking at the event, Sawyerr stated that with approximately 400,000 new admissions expected this academic year, the total number of registered beneficiaries could climb significantly. He explained, “We estimate our commitment to students in government-owned tertiary institutions, including universities, polytechnics, and colleges of education, to reach 2.1 million this session. The numbers could increase further as we roll out skill development programs.”

Sawyerr clarified that the loan scheme is exclusively for students in tertiary institutions, in accordance with the NELFUND Act. He emphasized that while the issue of over 20 million out-of-school children in Nigeria is critical, the law restricts NELFUND’s focus to tertiary education.

“When you look at the Act, it specifically addresses students in tertiary education institutions owned by the Federal Government and subnationals. Although some out-of-school children may later become eligible, we are currently limited to tertiary-level students,” he said.

Sawyerr also provided an update on the application process, stating that over 417,000 students have registered on NELFUND’s portal, with 328,000 submitting formal applications. “Many applications have been processed, and most applicants will receive loans,” he assured.

In her remarks, SERVICOM National Coordinator and CEO, Mrs. Nnenna Akajemeli, encouraged collaboration among the inductees to streamline the loan disbursement process. She praised NELFUND’s efforts to work with SERVICOM, emphasizing the importance of teamwork to achieve lasting success.

“Wherever Nigerian students go, they excel. It’s our responsibility to support them and enhance the skills of public servants to ensure exceptional service delivery. To go far, we must work together as a team,” she concluded.

SERVICOM, a Federal Government initiative, focuses on promoting effective service delivery across ministries, departments, and agencies to enhance customer satisfaction and performance management.