The Nigerian Education Loan Fund (NELFUND) has announced plans to onboard approximately 1.2 million students into its loan scheme by 2025. This was disclosed by the fund’s Managing Director, Akintunde Sawyerr, during an appearance on *Channels Television’s Politics Today* on Monday.
Sawyerr revealed that the initiative focuses on students from publicly-owned tertiary institutions, aiming to cater to the majority of those in need of financial assistance. *“By 2025, we aim to have at least 1.2 million students on the loan scheme. That basically means covering the majority of students in government-owned tertiary institutions who wish to take the loan,”* he stated.
### **Progress and Financial Updates**
So far, NELFUND has disbursed ₦23 billion to 94,000 students, with the number of beneficiaries increasing by approximately 1,500 daily. The fund is primarily financed by the Federal Inland Revenue Service (FIRS) with additional support from the Tertiary Education Trust Fund (TETFUND).
*“We have over ₦130 billion in the fund and expect an additional ₦70 billion. The point is, we are not short of funds,”* Sawyerr assured.
He also hinted at a possible upward review of the current ₦20,000 monthly stipend for students in the coming year.
### **Regional Participation**
Sawyerr noted that most current beneficiaries are from Northern Nigeria. However, increased awareness efforts in the South-East and South-South regions have led to a rise in applications from these areas.
The ambitious loan scheme underscores NELFUND’s commitment to providing equitable access to higher education for Nigerian students across the country.
