The Nigerian government aims to provide loans to between 250,000 and 300,000 tertiary students through its Student Loan Scheme in 2024.
Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund (NELFUND), shared this information during an interview with Channels Television on Monday. Sawyerr noted that the N60 billion loan fund is designed to assist up to two million Nigerian students enrolled in various higher institutions across the country.
He emphasized that the loan facility is available only to students already enrolled in higher institutions. “Currently, there are about two million students in tertiary institutions, including private sector institutions. This loan is open to those who are already in the institutions. It’s not just for new students. If you apply for a loan today, you’ll be eligible for the next session,” Sawyerr explained.
He added, “We arguably have enough funds to provide loans to everyone over time. This year, we expect to receive 250,000 to 300,000 applications from academic institutions. For vocational institutions, the number will be lower as we are just starting that process.”
It is noteworthy that NELFUND, which began accepting applications on May 24, 2024, recently approved the disbursement of N35 billion to 70,000 successful applicants.