KEY POINTS
- Currently, NELFUND is targeting to reach 1.2 million students by 2025.
- ₦23bn so far disbursed to 94,000 students.
- FIRS and TETFUND offer material support and the funds run into billions of Naira above ₦130 billion.
Akintunde Sawyerr, managing director of Nigerian Education Loan Fund (NELFUND), says the fund hopes to onboard 1.2 million students into its loan scheme by 2025.
According to Sawyerr, he said the scheme, which targets students in government owned tertiary institutions, would address the financial problems that many young Nigerians face.
“Plan is to get at least 1.2 million students on the loan scheme by 2025.” “Sawyerr said this would cover most students in publicly owned tertiary institutions who may wish to access the loan.”
Expansion efforts are supported by strong funding
NELFUND has given loans to 94,000 students since inception, disbursing ₦23 billion. The program is growing daily, gaining approximately 1,500 additional beneficiaries a day.
Funded largely by the Federal Inland Revenue Service (FIRS) and the Tertiary Education Trust Fund, (TETFUND), NELFUND enjoys a sound and reliable financial wherewithal; now controls over ₦130 billion while still expecting a further ₦70 billion.
Sawyerr also suggested the stipend currently paid to students at ₦20,000 may increase in the coming year.
While loans have been distributed regionally towards Northern Nigeria, there has been greater application of loans from the South East and South South regions in recent times as a result of awareness campaigns.
