How NELFUND bridges access to tertiary education for Nigerian students

The Nigerian Education Loan Fund (NELFUND) has recorded significant milestones in line with its broader mission, since it came onboard on May 24, 2024.

NELFUND was given the mandate of removing financial barriers inhibiting access to higher education, and reducing the burden of living expenses on students and their families, especially those from low-income backgrounds.

Among other things, the NELFUND was also created by the President Tinubu led administration to catalyse national development through inclusive and equitable education financing frameworks.

As part of its broader mission, NELFUND is also collaborating with the Federal Ministry of Education, National Board for Technical Education (NBTE) and National Board for Business and Technical Education (NBBTE) for the smooth implementation of the new Technical and Vocational Education and Training (TVET) programme.

With regular strategic engagements and capacity building for key stakeholders, NELFUND’s support for Nigerian youth includes extending its framework to students in technical and vocational training institutions in alignment with the Federal Government’s renewed efforts to boost youth employment and skills development.

In line with deepening technical and vocational education across the country, NELFUND also plans to roll out some skills development programmes to further contribute to the training of technical and vocational personnel needed to foster national growth and development.

Read also: Over 510,000 students access interest-free loans as NELFUND disburses ₦99.5bn

Akintunde Sawyerr, managing director/chief executive, NELFUND, in a recent media parley disclosed that the Fund intends to launch a centralised job portal in 2026. According to him, the launch of the job portal is a practical way the Fund is supporting loan beneficiaries in their journey towards economic stability.

Through the job portal, NELFUND intends to support loan beneficiaries by linking young graduates with prospective employers in both public and private sectors across Nigeria and overseas.

Sawyerr stated further that as NELFUND continues to work towards its mission of removing financial barriers to higher education and supporting Nigerian youth across the country to succeed, the student loan programme is poised to stand as a worthy legacy that makes a significant difference in the lives of Nigerian students and the future of the country.

According to the daily status report on the NELFUND’s dashboard, over N92 billion has been disbursed, with about N51 billion as tuition fees and over N41 billion as upkeep allowances for nearly 490,000 students in 225 tertiary institutions across Nigeria’s 36 states and the Federal Capital Territory (FCT).

The daily NELFUND’s dashboard also showed that over 787,000 students have successfully registered for the loan, showing a 127 per cent success rate in new applications for the loan.

Determined to onboard more beneficiaries, senior officials of the Federal Government, including Idris Mohammed, the Minister of Information and National Orientation, Lanre Issa-Onilu, director-general of the National Orientation Agency (NOA), and top management of NELFUND, recently took part in a series of strategic stakeholders’ engagements with students, institutional leaders, and other key stakeholders across the country with a view to ensuring more eligible students benefit from the flexible repayment of the interest-free loan.

The NELFUND team was led by Akintunde Sawyerr, managing director/chief executive, and Mustapha Iyal, executive director (operations), aiming to bridge and deepen access to interest-free loans for tertiary education across Nigeria.

The interactions helped in sharing and deepening knowledge of NELFUND’s workings and impact, as well as educating eligible students on the application process for the student loan programme, underscoring the importance of empowerment as a key success factor for the flexible repayment scheme.

By working together with students, institutional leaders, and other stakeholders, the organisation further underscored the commitment of President Bola Tinubu to the Renewed Hope Agenda’s goal of ensuring all eligible Nigerian undergraduates complete their education without being hampered by any financial difficulty via the zero-interest loan.

“The NELFUND interest-free loan with a flexible repayment plan that commences two years after the NYSC programme has been making significant strides in its mission to provide accessible education financing to thousands of Nigerian students in tertiary institutions across the country since the loan portal opened over a year ago.”

Idris Mohammed, the minister of Information and National Orientation, who received a delegation of Nigeria’s 36 state commissioners of Information during a courtesy visit to his office in Abuja, said the student loan programme was a flagship intervention in the country’s education sector.

He affirmed that since rollout, the loan has provided significant financial assistance in tuition payments and out-of-pocket to nearly 500, 000 students in 225 tertiary institutions across Nigeria, ensuring concentration on their studies and enabling parents to channel their resources into other productive purposes.

According to him, the loan has also impacted on increased enrolments for higher education and reducing dropout, while direct payment of school fees to tertiary institutions supports better financial planning and management, as well as fiscal stability.

Issa-Onilu, the DG of NOA, disclosed that NELFUND loan scheme underscored the commitment of the Tinubu’s administration to youth empowerment and skills development as a key priority of the Renewed Hope Agenda, while speaking during his nationwide stakeholders’ engagement in Asaba, Delta state and Ilorin, Kwara state respectively.

According to him, NELFUND’s participation in the Renewed Hope Student Leaders Engagement and Capacity Building Training, themed ‘Renewed Student Engagement (Rivers 2025)’, demonstrates the Fund’s commitment to strategic engagement with youth leaders and advancing access to education financing in line with national development goals.

The engagement brought together key stakeholders to discuss strategies for empowering student leaders and deepening youth engagement across institutions. This proactive approach underscores NELFUND’s dedication to fostering collaborative partnerships and ensuring that no eligible Nigerian student is denied the opportunity to complete their tertiary education due to financial constraints.

The NELFUND delegation’s visits, which included Ahmadu Bello University, Zaria, and Federal University Lokoja among others, bolstered NELFUND’s strategic action in creating awareness about its work and impact, as well as further educating and sensitising students on the application process for the NELFUND student loan programme, thereby increasing the number of applicants and beneficiaries.

Not only did these visits provide a platform for interactive sessions with students, they also learned more about the role of the NELFUND student loan programme in advancing the Renewed Hope Agenda of President Bola Ahmed Tinubu. “By engaging with students and institutional leaders, NELFUND is bridging the knowledge gap and empowering students to take advantage of the loan programme,” Issa-Onilu stated.

The warm reception received by the NELFUND delegation across the locations, and the robust discussions that ensued, highlighted the significance of NELFUND’s engagement with higher institutions.

For instance, at the Federal University Lokoja, the vice chancellor, Olayemi Akinwumi, along with his senior management team and students, welcomed the opportunity to learn more about NELFUND’s mission and the benefits of the student loan programme.

As a clear step towards promoting opportunity for inclusive education for more Nigerian youth, NELFUND’s strategic engagements with students, institutional leaders, and other stakeholders, is significantly paving the way for a brighter future for Nigerian students.

With the Fund continuing to push forward its mission of redefining the country’s education landscape by removing funding barriers to higher education, it is clear that NELFUND’s efforts will have a lasting impact on the education sector and the country as a whole by ensuring support for the Fund’s sustainability.

Not only did the strategic engagements serve as a platform to create more awareness about NELFUND’s work and the impact of the interest-free student loan programme on the beneficiaries, parents, and institutions, the engagements have strengthened collaborative partnerships with the loan scheme’s critical stakeholders for more success.