The Nigerian Education Loan Fund (NELFUND) says it has received more than 745,000 applications for its interest-free student loan scheme, with 2,700 submitted in the past 24 hours.
Managing Director Akintunde Sawyerr told a student leaders’ forum at the University of Port Harcourt on Friday that over 400,000 students were already benefiting, with tuition fees paid directly to institutions and upkeep stipends of ₦20,000 a month for some.
He said more than ₦80bn had been disbursed so far, and that a new law now allows funding from philanthropists, NGOs and other private donors. The loans cover tuition and living costs, remain interest-free, and are repayable two years after completion of the National Youth Service Corps programme. Employers are required to deduct 10% of beneficiaries’ salaries for repayment. Presidential aide Asefon Dayo said the scheme had reduced dropout rates and announced new funding for 15 tertiary institutions to set up innovation hubs, robotics labs and other technology centres.
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