- The Nigerian Education Loan Fund (NELFUND) aims to onboard approximately 1.2 million students into its loan scheme by 2025.
- The initiative focuses on students from government-owned tertiary institutions.
- NELFUND has already provided loans to 94,000 students, disbursing around N23 billion, with the number of beneficiaries increasing by about 1,500 daily.
The Nigerian Education Loan Fund (NELFUND) is projecting to support approximately 1.2 million students with its loan scheme by 2025, according to its Managing Director, Akintunde Sawyerr. This initiative prioritizes students from government-owned tertiary institutions, aiming to cover the majority of students in publicly owned institutions who wish to take the loan.
Currently, NELFUND has provided loans to 94,000 students, disbursing around N23 billion, with the number of beneficiaries increasing by about 1,500 daily. The scheme is financially robust, holding over N130 billion, with expectations of an additional N70 billion ¹.
Key Features of the Loan Scheme:
- Interest-Free Loans: NELFUND offers interest-free loans to eligible students.
- Flexible Repayment Plans: Repayment options are flexible, commencing two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment .
- Easy Application Process: The loan application process is streamlined, with a user-friendly portal and comprehensive online support.
The Federal Inland Revenue Service (FIRS) is the primary financier of the scheme, with additional support from the Tertiary Education Trust Fund (TETFUND).
