NELFUND Aims to Support 1.2 Million Students with Loan Scheme in 2025 – Sawyerr

NELFUND is set to reach 1.2 million students through its loan scheme in 2025, according to Sawyerr. The initiative aims to provide financial assistance for students in higher education across Nigeria.

According to Managing Director Akintunde Sawyerr, the Nigerian Education Loan Fund (NELFUND) aims to enroll approximately 1.2 million students in its scheme by 2025.

Sawyer, appearing as a guest on Channels Television’s “Politics Today” on Monday, mentioned that the students would be from publicly funded tertiary institutions.

Sawyer stated on the program, “Our goal by 2025 is to include at least 1.2 million students in the loan scheme. This essentially means covering most of the students from publicly owned tertiary institutions who may want to access this financial support.”

Regarding disbursement, the NELFUND Managing Director mentioned that the current N20,000 stipend provided to students may be increased next year.

He stated that 94,000 students have benefited from the funds distributed so far, totaling approximately N23 billion. He also mentioned that this number is increasing by around N1,500 daily.

Sawyerr revealed that the Federal Inland Revenue Service (FIRS) is currently the primary funding source for the scheme. However, he mentioned that it has also received some support from the Tertiary Education Trust Fund (TETFUND).

“The FIRS is the principal financier of NELFUND, and I can assure you that we have an excellent relationship with them. It’s evident they are very supportive. Additionally, we’ve received substantial support from TETFUND, which has allocated a specific amount of funds to us,” he stated.

The Managing Director asserted that the scheme currently has ample funding, with over N130 billion in its coffers and more expected.

“We currently have over N130 billion in the fund, with additional funds of around 70 or so billion expected soon. The bottom line is that we are not lacking financial resources,” Sawyer stated.

Regarding the distribution of beneficiaries by location, the NELFUND Managing Director disclosed that most recipients of the loan scheme are from the country’s Northern region.

He noted, nonetheless, that heightened awareness in the Southern regions, particularly South-East and South-South, has led to an increase in applications from these areas.