A member of the Board of the Nigerian Education Loan Fund (NELFUND), Umar Faruk-Lawal, has said the Federal Government’s student loan programme is helping thousands of Nigerians overcome financial barriers that have traditionally limited access to higher education.
Speaking with journalists in Abuja on Thursday, Faruk-Lawal revealed that more than N206 billion has been disbursed to students and tertiary institutions since the scheme was introduced.
According to him, the initiative, established under President Bola Tinubu’s administration, has become a lifeline for students from low-income families who previously struggled to fund their education.
He explained that many students who gained admission into universities, polytechnics and colleges of education in the past were often forced to abandon their studies because they could not afford tuition fees and other expenses.
“Today, students can focus on their studies without constantly worrying about dropping out due to financial difficulties. NELFUND has changed the story for thousands of Nigerian students,” he said.
Faruk-Lawal noted that the programme provides not only tuition support but also monthly upkeep allowances, allowing beneficiaries to pursue their academic goals with fewer financial challenges.
He encouraged parents and guardians to take advantage of the opportunity by supporting their children to apply for the scheme.
“No qualified Nigerian student should be denied access to tertiary education because of financial hardship. The government has provided a reliable support system through NELFUND,” he stated.
The board member cited the example of Oladepo Olugbenga, the overall best graduating student of Ladoke Akintola University of Technology (LAUTECH), who graduated with a first-class degree and a cumulative grade point average of 4.89. According to him, the graduate publicly acknowledged that NELFUND support helped him overcome serious financial challenges during his studies.
Faruk-Lawal described such success stories as proof that the programme is making a meaningful difference in the lives of students across the country.
He also praised the management of NELFUND for ensuring transparency and efficiency in implementing the scheme while urging beneficiaries to remain focused on academic excellence.
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Providing details of the fund’s impact, he disclosed that over 1.16 million students in 270 tertiary institutions nationwide have benefited from the programme so far.
He said N128.84 billion was paid directly to institutions to cover tuition fees, while N77.45 billion was disbursed to students as upkeep allowances.
According to him, the figures demonstrate the Federal Government’s commitment to investing in education and expanding opportunities for young Nigerians regardless of their financial background.
NELFUND was established under the Student Loans Act signed by President Tinubu to provide interest-free loans to eligible students in tertiary institutions, with the goal of increasing access to education, reducing dropout rates and supporting human capital development across the country.
