By Clifford Ejenavi
The Nigerian Education Loan Fund (NELFUND) has disclosed that it requires about N400billion annually to effectively provide education financing for students across public tertiary institutions in Nigeria.
The Managing Director/Chief Executive of NELFUND, Mr. Akintunde Sawyerr, made this known while speaking on national television recently, where he outlined the financial realities and growing demand facing the Fund since the commencement of the federal government’s student loan scheme.
According to Sawyerr, the increasing number of applicants in tertiary institutions have significantly expanded NELFUND’s funding obligations.
“To sustainably cover students in public tertiary institutions across the country, NELFUND requires an estimated N400billion annually. This figure reflects the true scale of Nigeria’s education financing needs,” he said.
Sawyerr noted that applications for student loans have continued to rise sharply, surpassing initial projections, a development he described as evidence of the scheme’s relevance and acceptance among Nigerian youths.
He suggested that while NELFUND covers only public institutions, extending coverage to accredited private universities, polytechnics and colleges of education is critical to achieving equity and widening access to quality education.
“Education is not exclusive to public institutions alone. Many Nigerian students are enrolled in private tertiary institutions, and excluding them would defeat the inclusive spirit of the student loan initiative,” Sawyerr added.
The NELFUND boss emphasized that meeting the N400bn annual requirement would require stronger budgetary support, improved loan recovery mechanisms and sustained collaboration with key stakeholders, including financial institutions and development partners.
He therefore reaffirmed the Fund’s commitment to transparency, accountability and efficient service delivery, assuring Nigerians that all funds received would be deployed strictly in line with the objectives of the student loan scheme.
NELFUND was established under the Students Loans (Access to Higher Education) Act as part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at removing financial barriers and ensuring that no qualified Nigerian is denied tertiary education due to lack of funds.
As demand continues to grow, stakeholders believe that adequate and predictable funding will be crucial to the long-term success and sustainability of Nigeria’s education loan programme.
