The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, has announced the disbursement of ₦110 billion in loans to students in public tertiary institutions across Nigeria. Speaking at the inauguration and induction of NELFUND SERVICOM unit members in Abuja, Sawyerr detailed the fund’s operations and commitment to improving access to education.

According to Sawyerr, 60% of the disbursed funds cover tuition fees, paid directly to institutions, while 40% is allocated for students’ upkeep. Currently, the fund supports approximately 2.1 million students in government-owned universities, polytechnics, and colleges of education, with more beneficiaries expected as the program expands to include skills training.

Sawyerr highlighted the streamlined loan application process, explaining that students must register before applying. “We have about 417,000 students registered on our portal, with 328,000 completing the application process. While some applications are being processed, we continue to freceive around 1,000 new applications daily, reaching a peak of 9,000 applications in a single day,” he said.

He emphasized the favorable terms of the loan, which are interest-free. “What students apply for and receive is exactly what they will repay. Repayment begins two years after completing the National Youth Service, following an assessment of their employment status,” he added.

In her remarks, the National Coordinator of SERVICOM, Nnenna Akajemeli, praised the establishment of the SERVICOM unit, which she believes will ensure effective implementation of NELFUND’s mandate. She highlighted the unit’s role in enhancing access to financial support for underprivileged but brilliant students, thereby increasing the pool of quality graduates in Nigeria.

The initiative reflects NELFUND’s dedication to addressing financial barriers to higher education and empowering Nigeria’s youth.