A member of the Board of the Nigerian Education Loan Fund, Umar Faruk-Lawal, has said the Federal Government’s student loan programme is helping to break financial barriers that have long prevented many Nigerians from accessing higher education.
This is as he disclosed that over N206bn has been paid by NELFUND to institutions and students in two years.
Lawal, who represents students on the agency’s board, said the scheme introduced by President Bola Tinubu was already transforming lives by enabling students from low-income backgrounds to pursue tertiary education without the burden of tuition fees and other educational expenses.
Speaking with journalists in Abuja on Thursday, Lawal noted that the interest-free loan scheme had boosted access to universities, polytechnics and colleges of education, allowing many students to continue their studies despite economic challenges.
According to him, before the establishment of NELFUND, many students who secured admission into tertiary institutions were often forced to abandon their academic pursuits due to a lack of financial support.
“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,” he said.
Lawal said the programme had particularly benefited students from less-privileged families, many of whom previously viewed higher education as beyond their reach.
“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,” he added.
He urged parents and guardians to encourage their children and wards to take advantage of the scheme, stressing that no qualified Nigerian student should be denied access to higher education because of financial hardship.
“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,” Lawal said.
The student representative also pointed to the success stories emerging from the programme, citing the case of Oladepo Olugbenga, the overall best graduating student of Ladoke Akintola University of Technology, who graduated with a first-class degree and a cumulative grade point average of 4.89 on a 5.0 scale.
According to Lawal, Olugbenga publicly acknowledged that support from NELFUND helped him overcome severe financial difficulties during his academic journey.
He described such testimonies as evidence of the programme’s transformative impact and a reflection of the Federal Government’s commitment to investing in human capital development.
Lawal further commended the management of NELFUND for ensuring transparency and efficiency in the implementation of the scheme and urged beneficiaries to remain committed to academic excellence.
He also highlighted recent NELFUND figures showing that more than,” N206 billion had been disbursed to over 1.16 million students across 270 tertiary institutions nationwide since the scheme commenced.
“The data showed that N128.84 billion was paid directly to institutions as tuition fees, while N77.45 billion was disbursed to students as upkeep allowances.”
Lawal said the figures demonstrate that the government’s investment in education is yielding results and creating opportunities for students regardless of their economic background.
He expressed optimism that increased awareness of the programme would lead to more beneficiaries and further strengthen Nigeria’s education sector.
NELFUND was established under the Student Loans Act signed by President Bola Tinubu to provide interest-free loans to eligible Nigerian students in tertiary institutions.
The initiative is aimed at expanding access to higher education, reducing dropout rates caused by financial hardship and supporting students with both tuition and upkeep costs. Since its rollout, the Fund has become a key component of the Federal Government’s education financing strategy.