…516, 212 students successfully applied for loan
The Nigerian Education Loan Fund has said that applications received from students from the South-South and South-East for loans remain low.
The agency attributed the low application to students not believing that the loan scheme is real.
Figures obtained from NELFUND as of May 4, 2025, showed that only 27,098 applied for the loan from the South-East and 37,180 students from the South-South.
The North-West has the highest number of applicants with 157,831 students; followed by the North-East with 127,058 applicants while the South-West had 92,850 applapplicants and the North-Central with 74,120 applicants.
Executive Director, Operations at NELFUND, Iyal Mustapha gave the figures during the opening of a three-day stakeholders’ engagement session and technical workshop on system automation and the loan application process for heads of tertiary institutions in Abuja on Monday.
The three-day event, which commenced with universities, will continue with polytechnics, monotechnics, and institutes tomorrow.
The final day (May 7) will feature colleges of education, agriculture, health, and nursing institutions.
The agency said it has successfully disbursed N53,976,219,836.00 to 516,212 students who successfully applied for the loan and paid upkeep to 485,254 students.
It added that 576,058 students have registered for the loan.
The agency said it has N170,437,179,836 in its coffers.
Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, called on the South-South and South-East to increase their participation in the student loan scheme.
Sawyerr said the gathering was a critical milestone in the collective journey it has embarked upon to deliver a fully digitised, transparent, and student-centric financial aid system for Nigerian higher education.
According to him, the meeting is intended to influence how the platform evolves and how it addresses practical challenges faced by institutions and students alike
He said, “We are not here today merely to discuss another government initiative. We are here to activate a national transformation in how we fund, manage, and support access to higher education in Nigeria.
“As many of you know, the Student Loan Initiative is in perfect alignment with the Federal Government’s vision—to make quality education accessible to all Nigerians, regardless of socioeconomic background.
“I want to emphasise that what we are building here is not just a loan platform. We are building a foundation for national development. A Nigeria where every young person with ambition can access the education they deserve.
Let us engage today not just as participants, but as co-creators of a better, smarter future for higher education financing in Nigeria.”
The Chairman of the House Committee on Student Loans, Scholarships, and Higher Education Financing, Ifeoluwa Ehindero said for the system to be truly effective, there is need to modernise and streamline how to manage, track, and deliver these funds to deserving students.
According to him, automating and optimising the NELFUND system aims to create a more transparent, efficient, and responsive process for loan applications, approvals, and disbursements.
He said, “This is essential for the success of the initiative and will go a long way in ensuring that our students benefit in a timely and accountable manner.
“As members of the House of Representatives Committee on Student Loans, we have been working tirelessly to ensure that the legislative framework supports and facilitates these reforms. However, legislative efforts alone are not enough.
“We need your expertise, your feedback, and your active participation to make sure that we have a system that works for everyone, from the students applying for loans to the institutions managing the funds.
“This workshop is not just a platform for training but also an opportunity for collaboration. As you interact with the NELFUND system, your insights into how we can improve its functionality will be invaluable in helping us refine and enhance it to meet the needs of our institutions and students.”
The representative of the National Universities Commission (NUC), Lawal Mohammed Faruk, said NELFUND was one of the best policies of the Federal Government.
“Our dream is to see NELFUND one day onboard all the students in the country, whether public or private,” he said.
