Nigerian student loan program disburses over N206bn in two years

The Nigerian Education Loan Fund (NELFUND) has disbursed over N206 billion to educational institutions and students in the past two years, according to Umar Faruk-Lawal, a member of the agency's board. This initiative, established under President Bola Tinubu's administration, aims to dismantle financial obstacles that have historically hindered many Nigerians from accessing tertiary education.

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Today, students can focus on their academic pursuits without the constant fear of dropping out because of financial difficulties. The intervention of President Bola Ahmed Tinubu through NELFUND has changed the narrative for thousands of Nigerian students.

Lawal, who represents students on the NELFUND board, emphasized that the interest-free loan scheme is already making a significant impact. It allows students from less privileged backgrounds to pursue degrees at universities, polytechnics, and colleges of education without the burden of tuition fees or living expenses. He noted that before NELFUND, many admitted students were forced to abandon their studies due to financial constraints.

"Today, students can focus on their academic pursuits without the constant fear of dropping out because of financial difficulties," Lawal stated. He highlighted that the program provides monthly upkeep allowances, enabling students to concentrate on their studies. The scheme has particularly benefited those from families where higher education was previously considered unattainable.

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Many students can now aspire to study courses of their choice in tertiary institutions knowing fully well that NELFUND will cater for their tuition fees while also providing monthly upkeep allowances to support their living expenses.

Lawal shared the success story of Oladepo Olugbenga, the best graduating student from Ladoke Akintola University of Technology, who achieved a first-class degree. Olugbenga reportedly credited NELFUND support for helping him overcome severe financial challenges during his studies. Lawal urged parents and guardians to encourage their children to leverage the scheme, ensuring that financial hardship does not prevent any qualified Nigerian student from achieving their educational dreams.

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I want to encourage parents to continue motivating their children to embrace this opportunity. They should not allow financial challenges to kill their dreams of obtaining tertiary education because the government has provided a reliable support system through NELFUND.