NELFUND Disbursement to Students, Institutions Hits N110bn
Written by Olakunle Oke on December 11, 2024
The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N110 billion to students and institutions across the country, according to recent data.
Established in 1993, NELFUND is a government-backed loan scheme designed to provide financial assistance to students pursuing higher education in Nigeria. The fund is managed by the Federal Ministry of Education and is disbursed to eligible students through participating banks.
The N110 billion disbursement milestone represents a significant increase in the fund’s activities over the years. According to NELFUND’s Executive Secretary, Mr. Abiodun Olarinoye, the fund has been working tirelessly to increase access to education for Nigerian students.
“We are proud to announce that NELFUND has disbursed over N110 billion to students and institutions across Nigeria,” Olarinoye said. “This milestone represents a significant achievement in our mission to provide financial assistance to eligible students and promote access to higher education in Nigeria.”
The NELFUND loan scheme provides financial assistance to students pursuing undergraduate and postgraduate programs in Nigerian universities, polytechnics, and colleges of education. The loan is repayable over a period of 12 months after graduation, with an interest rate of 4.5% per annum.
To be eligible for the NELFUND loan, students must be Nigerian citizens, be enrolled in a recognized higher education institution in Nigeria, and meet other specified criteria.
The NELFUND disbursement milestone has been welcomed by stakeholders in the education sector, who see it as a positive step towards promoting access to higher education in Nigeria.
“This is a commendable achievement by NELFUND,” said Professor Michael Faborode, a former Vice-Chancellor of the Obafemi Awolowo University. “The NELFUND loan scheme has been a lifeline for many Nigerian students who would otherwise have been unable to pursue higher education due to financial constraints.”
As NELFUND continues to work towards increasing access to education for Nigerian students, the fund’s disbursement milestone serves as a testament to its commitment to promoting education and human capital development in Nigeria.
