Would you like to receive notifications on latest updates of the following headlines?

NELFUND clarifies student loan eligibility, Focus on first-degree students

POSTED ON March 24, 2025 •   EDUCATION      BY Abiodun Saheed Omodara
Managing Director/Chief Executive Officer of the Nigeria Education Loan Fund (NELFUND), Akintunde Sawyerr

The Nigerian Education Loan Fund (NELFUND) has clarified the reasons postgraduate students cannot access the Federal Government's student loan scheme. 

During a live broadcast over the weekend, Managing Director Akintunde Sawyerr stated that the initiative primarily aims to assist students pursuing their first degree. However, he suggested that there may be a possibility for postgraduate students to benefit from the program in the future.

He said, "Postgraduate students are not eligible for this loan. There are many individuals in this country striving to achieve their first opportunity in tertiary education. Our available funds are targeted at those seeking their initial chance.

“We do have future plans for them (postgraduate students), but currently, they are not our main focus. Right now, we are concentrating on those graduating from secondary school who are unable to afford university fees.

Our goal is to prevent students from leaving the educational system after secondary school and to minimize dropouts in the 200, 300, and 400 level due to financial constraints. Our immediate priority is to help these students first. We will reach out to those who are a bit more advanced in their education later.”

The MD disclosed that since the program's inception in May 2024, more than 271,000 Nigerian students pursuing higher education have benefited from financial support.

According to Sawyerr, as of Saturday, March 22, among 521,000 registered students, approximately 438,000 have completed their loan applications.

He remarked, “Nigerian students are responding very favorably to the initiative. As more funds are disbursed, their trust is growing. One interesting development is that President Bola Tinubu is working to rebuild trust in the government. This is being well-received by the students.”

“We maintain transparency in our operations. 

“To date, around 271,000 Nigerian students have either received financial aid for their academic fees or a combination of fees and living expenses.

“The structure set up by the President ensures that individuals do not need connections to access this loan. We are committed to preventing favoritism; there is no room for connections or nepotism. The President is determined to fully democratize education.”

Even though repayment has yet to commence, the Managing Director promised that the Fund is establishing a solid repayment framework to ensure timely and efficient loan repayments.

READ ALSO
JAMB Reports Surge in Exam Malpractices, Two Arrested in Katsina
BY Abiodun Saheed Omodara July 9, 2025 0

Data released by the Joint Admissions and Matriculation Board at its 2025 policy meeting on Tuesday...

READ ALSO
JAMB Sets 2024 Cut-Off Marks for Tertiary Institutions
BY Abiodun Saheed Omodara July 8, 2025 0

The Joint Admissions Matriculation Board announced the admission cut-off marks for universities, pol...

READ ALSO
Nigeria Faces Teacher Shortage: Over 31 Million Learners Rely on Just 915,913 Educators
BY Abiodun Saheed Omodara July 8, 2025 0

According to data from the Universal Basic Education, only 915,913 teachers are available for at lea...

READ ALSO
UNIUYO Medical Lecturers Begin Indefinite Strike over VC appointment
BY Abiodun Saheed Omodara June 30, 2025 0

Medical lecturers at the University of Uyo, affiliated with the Medical and Dental Consultants Assoc...

READ ALSO
Canada Tightens PGWP Eligibility, New Fields of Study Added, Others Removed
BY Abiodun Saheed Omodara June 29, 2025 0

Canadian authorities have made it more difficult for international students to qualify for post-grad...

READ ALSO
UTME Mop-Up Sees Over 80% Absenteeism Amid Security Measures
BY Abiodun Saheed Omodara June 28, 2025 0

Over 80% of the 98,232 candidates eligible for Saturday's nationwide mop-up Unified Tertiary Matricu...

READ ALSO
EFCC Urges Students to Shun Internet Fraud, Embrace Positive Online Ventures
BY Abiodun Saheed Omodara June 23, 2025 0

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on Ni...

READ ALSO
JAMB Schedules 2025 UTME Mop-Up Exam for June 28, 2025
BY Abiodun Saheed Omodara June 22, 2025 0

The Joint Admissions and Matriculation Board (JAMB) has scheduled the 2025 Unified Tertiary Matricul...

OUR CHANNELS:

Oyo Speaker Advocate Creation of State Police amidst 700,000 Lives Lost to Insecurity
BY Abiodun Saheed Omodara July 17, 2025 0

The Speaker of the Oyo State House of Assembly, Adebo Ogundoyin, has advocated for the creation of s...


Police kill six suspected kidnappers in Delta
BY Abiodun Saheed Omodara July 17, 2025 0

The Delta Police Command reports that six kidnapping suspects have been eliminated in the state.&nbs...


US-Nigeria Trade Relations Face Significant Decline Amid New Tariffs
BY Abiodun Saheed Omodara July 17, 2025 0

The trade ties between the United States and Nigeria have encountered a notable decline, with offici...


President Tinubu Leads Tributes for Buhari and Oba Adetona
BY Abiodun Saheed Omodara July 16, 2025 0

President Bola Tinubu has guided countless Nigerians in grieving the loss of his predecessor, Muhamm...


Buhari Dies in London after Brief Illness
BY Abiodun Saheed Omodara July 14, 2025 0

Nigeria’s immediate past president, Muhammadu Buhari, has died in London. Buhari died on Sund...


SERAP files Lawsuit against NNPCL over Missing $2.5bn, N825bn for Refinery Rehabilitation
BY Abiodun Saheed Omodara July 14, 2025 0

SERAP files lawsuit against NNPCL over missing $2.5bn and N825bn earmarked for refinery rehabilitati...


Accord Party Calls for Abolishment of State Electoral Commissions to Restore Election Integrity
BY Abiodun Saheed Omodara July 13, 2025 0

The Accord Party has emphasized the necessity for the National Assembly to eliminate the State Indep...


Tinubu Returns to Abuja after Successful Diplomatic Missions in Saint Lucia and Brazil
BY Abiodun Saheed Omodara July 16, 2025 0

ABUJA, Nigeria - President Bola Tinubu returned to Abuja late Saturday following official trips to S...


Leadership Crisis Hits Benue ADC as Over 500 Members Defect Back to PDP
BY Abiodun Saheed Omodara July 16, 2025 0

The Benue chapter of the African Democratic Congress (ADC) is currently enmeshed in a leadership cri...


Voter Apathy: Young Residents Express Doubts About Electoral Process
BY Abiodun Saheed Omodara July 16, 2025 0

LAGOS, Nigeria- Despite appeals for civic engagement from election officials and stakeholders during...


More Articles

Load more...

Menu