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NELFUND Empowers Nigerian Students with N23 Billion in Loans in 2024

Discover how the Nigerian Education Loan Fund (NELFUND) disbursed N23 billion to 94,000 students in 2024, with plans to support 1.2 million by 2025. Learn about its funding model, loan repayment terms, and regional impact.

The Nigerian Education Loan Fund (NELFUND) disbursed N23 billion in loans to 94,000 students in 2024, How To Apply Nelfund Student loan: Ongoing  as confirmed by its Managing Director, Akintunde Sawyerr. The initiative, designed to support students in government-owned tertiary institutions, aims to provide financial aid that not only keeps students in school but also aligns with Nigeria’s workforce needs. Sawyerr emphasized that while all courses are currently eligible, future funding might prioritize programs that enhance job opportunities and national competitiveness.

However, any course-specific changes will involve public consultations.The fund has primarily benefited students from northern Nigeria, though applications from the south-south and south-east regions are on the rise. Sawyerr clarified that many students from the southern zones, studying in northern institutions, are also beneficiaries. By 2025, NELFUND plans to assist 1.2 million students and expand its reach across public universities. Additionally, the N20,000 monthly stipend might be increased in the near future, with beneficiaries given a two-year post-NYSC grace period before loan repayments begin.

Repayments will be deducted directly from salaries by employers.Financially, NELFUND is well-supported, receiving over N130 billion primarily from the Federal Inland Revenue Service (FIRS) and the Tertiary Education Trust Fund (TETFUND), with additional inflows from crime proceeds and government securities. Estimates suggest the fund could secure up to N194 billion annually from FIRS revenue. Sawyerr highlighted the program’s financial sustainability through investments in government bonds and Treasury bills.Launched in July 2024, NELFUND’s digital disbursement platform aims to help students struggling with fees to continue their education without interruption.

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