The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, has disclosed that the fund has disbursed a total of N110 billion to students in public institutions across the nation.
Sawyerr made this known while speaking to newsmen during the inauguration and induction of members of the NELFUND SERVICOM unit in Abuja on Tuesday.
He noted that the figures are constantly changing as the fund frequently makes disbursements.
“We’ve just approved a new batch, N110 billion, that is going to students in one form or another. About 60 percent of that is going directly to their institutions in full because we pay 100 percent of fees.
“Forty percent has been disbursed for their actual upkeep. The upkeep figure is slightly behind the total fee.
“We estimate that among the constituency we are responsible for—students in government-owned tertiary institutions, which include universities, polytechnics, and colleges of education—and the incoming students for the next session, our commitment to date is to approximately 2.1 million people.
“It’s an estimate, and it will grow larger when we start our skills program, which will accommodate many more,” he added.
The Managing Director explained that there is a two-pronged process for accessing the loan, noting that applicants must register before applying.
“We have about 417,000 students who have registered on our portal, and approximately 328,000 students have actually applied.
“Some applications have been processed, many have been reviewed, and most of them will receive the loan. However, it’s important to mention that we are growing by about 1,000 applications daily. At our peak, we received 9,000 applications in a single day.
“Those who register may choose not to proceed with their application or may seek more information, but at least they’re captured in the system and know they’re part of the process. This explains the gap between 417,000 registrants and 328,000 applicants. Sometimes, applicants decide to proceed only after registering,” he said.
Speaking about the repayment plan, Sawyerr described the terms as highly favorable, offering students interest-free loans.
“Students who apply for this loan today get an interest-free loan. What they apply for and receive is exactly what they will repay. They don’t begin repayment immediately. Two years after completing their National Youth Service, they are required to report their employment status to us,” he explained.
In her remarks, the National Coordinator of SERVICOM, Nnenna Akajemeli, said setting up a SERVICOM unit for NELFUND would empower the inductees to effectively carry out government business.
“As they mentioned, they are positioning the office to ensure that everything the government has mandated the Nigerian Education Loan Fund to do is executed to the letter—particularly touching the lives of students who lack access to funds for higher education and increasing access to financial support for higher institutions,” she said.
Akajemeli emphasized that SERVICOM is tasked with reaching out to indigent Nigerians who are brilliant and willing to pursue education but lack the resources.
“They have to manage this process and ensure that it produces quality graduates, reflecting the work being done in this office,” she added.
