The Managing Director and Chief Executive Officer of Nigerian Loan Fund, Mr Akintunde Sawyerr, has again called on Nigerian youths to maximise the benefits of the student loan to build a formidable future for themselves and help support the development drive of the country.
Sawyerr said that since the inception of the student loan in May 2024, the agency has disbursed N174bn to over 800,000 beneficiaries from about 263 tertiary institutions.
Sawyerr stated this on Tuesday during a sensitisation programme organised by the Ogun State Institute of Technology, Igbesa, in Ado-Odo/Ota Local Government area of Ogun State.
The NELFUND MD said that while N100bn was disbursed to institutions as payment for school fees, N70bn was disbursed to the students as their monthly upkeep.
He explained that the agency also receives an average of between 6,000 and 7,000 applications daily from Nigerian students who seek to benefit from the loan initiative.
Sawyerr said that it is the wish of President Bola Tinubu to ensure that no Nigerian is denied getting quality tertiary education due to lack of funds or poverty, hence the establishment of NELFUND.
He disclosed that it is therefore incumbent on the Nigerian youths who have admission into any of the government-owned tertiary institutions to apply for this loan for the payment of their school fees, which NELFUND pays directly to the school, as well as the payment of a monthly upkeep of N20,000.
He explained, “Education is one of the topmost priorities of President Bola Tinubu. The President believes that education is the greatest weapon against poverty and so he doesn’t want any Nigerian to be deprived of having a qualitative tertiary education due to financial difficulties, hence the establishment of NELFUND
“Over 70 percent of our population is under the age of 35. If these young people take advantage of education—whether academic or vocational—we will build an educated population capable of driving development and attracting investment. That is the strongest form of sustainability we can achieve”
Giving an overview of the student loan performance since inception, Sawyer said, “As of this morning, we have disbursed ₦174 billion. Over 800,000 students have benefited so far. We have disbursed more than ₦100 billion directly to institutions and about ₦70 billion to students as upkeep—₦20,000 per month, paid every month.
“In the last 24 hours alone, we received 6,000 new applications. On average, we see between 5,000 and 7,000 applications daily. These are the key figures. So far, we have disbursed funds to about 263 institutions, universities, polytechnics, and colleges of education. These funds are paid directly into the institutions’ accounts”.
Sawyerr urged students across government-owned tertiary institutions to embrace the Federal Government’s initiative to fund their education and build a profitable future for themselves, even as they are also prepared and armed with relevant educational and vocational training that could aid them to contribute meaningfully to the growth and development of the country.
Also speaking at the event, the Rector of the Ogun State-owned ICT polytechnic, Dr Abiodun Oluseye, lauded Tinubu for his magnanimity and unprecedented investment in prioritising access to tertiary education for all Nigerians.
Oluseye said, “If you come from a poor family, or from parents who struggle to send you to school, you will understand how important this initiative is. Education cleanses society. It is through education that society heals, progresses, and moves forward.”
He said that the polytechnic has fully embraced the student loan initiative and is committed to ensuring its success, adding that it was against this background that the sensitisation programme was held for the students to have proper information and understanding of NELFUND.
The rector revealed that over 200 students of the institution had so far benefited from the student loan while over 400 students have also applied for the scheme under the 2025/2026 academic session.
Oluseye urged the students to embrace NELFUND because it remains a pathway to secure their future.
Oba Nosiru Teslim Olayemi, the Olodan of Odan Abuja-Sule, Igbesa, represented the Olu of Ilaro and paramount ruler of Yewa land, Oba Kehinde Olugbenle, at the event, praised Tinubu for establishing NELFUND, saying that the initiative would go a long way to make life easy for both the parents and the students in the country.
Oba Olugbenle has therefore urged the students to reciprocate the thoughtfulness of the federal government and must, therefore, concentrate on their studies and shun all forms of distraction that could derail their studies.
Recall that Tinubu had, around May 2024, flagged off NELFUND to provide Nigerian students with loans to access tertiary education training.
Each beneficiary is expected to begin repayment of this loan two years after graduation and when they have started working
