National Assembly, NELFUND targets 7 million beneficiaries in student loan expansion

The National Assembly and the Nigerian Education Loan Fund (NELFUND) have stepped up efforts to scale up the student loan initiative, with plans to expand borrowers from 1.6 million to at least 7 million students nationwide.

NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyerr, disclosed this on Monday during a national awareness program on the student loan program organized by the Senate Committee on Tertiary Institutions and TETFund.

The program is part of a broader collaboration aimed at promoting national development through improved access to education finance.

Sawyerr described the student loan initiative as one of the key achievements of President Bola Ahmed Tinubu’s administration, noting that it is already making a measurable impact across the education sector.

According to him, around 1.6 million Nigerian students have so far directly benefited from the programme, with ripple effects extending to local economies around tertiary institutions.

“Beyond the beneficiaries themselves, the funds provided through this program continue to stimulate economic activities in and around tertiary institutions, creating a broader impact on the community,” he said.

However, Sawyerr highlighted that current coverage remains insufficient to achieve the scale of transformation required in Nigeria’s education and human capital development system.

“While 1.6 million beneficiaries is a significant milestone, it is not enough to transform Nigeria. We need at least seven million Nigerians to benefit from this programme,” he said.

He further noted that with the expansion in skill acquisition and technical and vocational education and training (TVET), up to 50 million Nigerians could eventually benefit from the intervention.

Sawyerr urged stakeholders, including educational institutions, community leaders and government officials, to heighten awareness and encourage eligible students to take advantage of the program.

Speaking at the event, Vice President of the Senate, Sen. Jibrin Barau, urged parents and students to stay informed about the program and actively participate in it.

He described the initiative as an important government intervention that provides financial support to students who would otherwise struggle to access higher education.

Barau also praised the nationwide awareness campaign, stressing that involvement in all regions would improve awareness and participation.

Chairman of the House Committee on Student Loans, Scholarships and Financing of Tertiary Education, Representative Ifeoluwa Eyindero, said the program represents a vital opportunity for students to pursue their academic goals without financial constraints.

He expressed optimism that increased awareness would further increase enrollment and participation in the program.

Additional Minister for Education Prof Suwaiba Ahmad said the initiative comes at a crucial time when many capable students still face financial barriers to accessing higher education.

He said the establishment of NELFUND reflects the commitment of the Federal Government to ensure that no qualified Nigerian is denied access to tertiary education due to financial limitations.

Previously, the Chairman of the Senate Committee on TETFund, Senator Muntari Dandutse, described the student loan program as a “lifeline” designed to eliminate financial barriers to higher education.

She said many students remain unaware of the application process and eligibility requirements, necessitating continued public outreach.

“This is a lifeline, not a burden. This is your future, funded by your nation,” he said.

Dandutse added that the National Assembly, in collaboration with the Federal Government, is working to establish NELFUND offices in all six geopolitical zones to improve accessibility and service delivery.

He explained that the North Central sensitization covered Plateau, Nasarawa, Benue, Kogi, Kwara, Niger States and the Federal Capital Territory (FCT).