The Nigerian Education Loan Fund (NELFUND) disbursed N23 billion in loans to 94,000 students across the country in 2023, marking a significant step toward improving access to education. Managing Director Akintunde Sawyerr, speaking on *Politics Today*, emphasized that the fund aims to provide loans that enhance employability and contribute to Nigeria’s economic growth.
“We are not funding education for education’s sake. We want to empower students with skills and knowledge that give them a realistic chance of securing jobs,” Sawyerr explained. He stressed that, while no course is currently excluded, future funding may prioritize fields that are “sellable and exportable” to make Nigeria’s workforce more competitive. Any such changes will involve public consultations to ensure fairness.
Sawyerr acknowledged that most beneficiaries to date are from the northern region, though applications from the South-South and South-East have recently surged. He pointed out that many southern students study in northern institutions, underscoring the need to track funds geographically and by state of origin to ensure equitable access.
NELFUND currently focuses on students in government-owned tertiary institutions, though it has yet to reach every eligible institution. By 2025, the fund aims to onboard at least 1.2 million students, significantly expanding its reach across the country.
To ease financial pressure on graduates, NELFUND offers a two-year post-NYSC repayment moratorium. Beneficiaries are not required to repay loans until they secure jobs, with employers responsible for deducting and remitting repayments directly to the fund.
Sawyerr also revealed that the fund is considering an upward review of the current N20,000 monthly stipend provided to students. “This review reflects our commitment to ensuring that students can meet their basic needs while focusing on their studies,” he said.
Sawyerr admitted that the fund has not yet reached all government-owned institutions but expressed optimism about achieving broader coverage. He emphasized that NELFUND is committed to transparency and fairness in loan disbursement, ensuring that students from diverse regions and institutions benefit.
With its ambitious plans, NELFUND is not only improving access to education but also investing in Nigeria’s future workforce. The initiative is poised to transform the country’s higher education financing model, creating opportunities for millions of students while driving national development.
By bridging the gap between education and employability, NELFUND aims to empower a generation of graduates with the skills needed to thrive in a competitive global economy.
