Education
NELFUND MD Akintunde Sawyer Reports ₦174bn Loan Distribution to Over 800,000 Students
Mr. Akintunde Sawyer, the Managing Director and CEO of the Nigerian Education Loan Fund (NELFUND), has encouraged Nigerian youth to leverage the federal government’s student loan initiative to enhance their futures and support national growth.
Since the program’s inception in May 2024, NELFUND has allocated ₦174 billion in loans to over 800,000 students across 263 higher education institutions throughout the country.
This announcement was made during a sensitization event at the Ogun State Institute of Technology in the Ado-Odo/Ota Local Government Area of Ogun State.
Sawyerr highlighted that more than ₦100 billion of the funds has been directed to educational institutions for tuition fees, while approximately ₦70 billion has been provided to students as monthly living allowances.
The agency currently processes between 6,000 and 7,000 loan applications daily from students eager to participate in the program.
The student loan initiative aligns with President Bola Tinubu’s goal to ensure that financial limitations do not prevent any Nigerian from accessing quality tertiary education.
Sawyerr urged students admitted to government-owned institutions to apply for loans, noting that the fund pays tuition fees directly to schools and offers a monthly stipend of ₦20,000.
In summarizing the program’s impact, he indicated that funds have been distributed to universities, polytechnics, and colleges of education, with payments made directly into the respective institutions’ accounts.
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