The Nigerian Education Loan Fund, known as NELFUND, has distributed a total of N84.2 billion to applicants, according to Mr. Gboyega Isiaka, the Chairman of the House of Representatives Committee on Polytechnic and Higher Technical Education. This significant amount includes N27.5 billion allocated for institutional loans and N56.7 billion for upkeep loans as of September 2024.
Mr. Isiaka shared this information during the 36th annual conference of the Federal Government College, Maiduguri Old Students Association, which took place in Abeokuta, Ogun State. He highlighted that a total of 351,317 students have registered on the NELFUND portal. Out of these, 258,943 students have applied for either institutional loans, upkeep loans, or both. This indicates a strong interest and demand for financial assistance among students seeking higher education.
The lawmaker emphasized the importance of the Students Loan Access to Higher Education Act of 2024. This act aims to address the financial challenges that many deserving students face, ensuring they have access to quality education without financial barriers. Mr. Isiaka, representing the Yewa North/Imeko-Afon Federal Constituency in Ogun State, stated that the progress made under President Bola Tinubu’s administration has created a better future for students in Nigeria.
As of the end of September 2024, the numbers are encouraging. NELFUND has made significant strides, and the funds distributed reflect the commitment to improving education financing in the country. Mr. Isiaka remarked, “The figures speak for themselves. We are dedicated to empowering the next generation through education.”
This initiative is part of a broader strategy to ensure that students are not hindered by financial limitations, allowing them to pursue their academic goals effectively. With NELFUND’s support, many students can now look forward to achieving their dreams of higher education.
