NELFUND records over half a million beneficiaries, receives 1,800 daily applications
By Uji A Iliyasu
Abuja
The Nigerian Education Loan Fund (NELFUND) has disclosed that over half a million students are currently benefitting from its loan scheme, with the portal receiving an average of 1,800 new applications daily.
This was revealed by the Managing Director and Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, on Tuesday in Abuja during the Stakeholders Engagement Session and Technical Workshop on the Fund’s System Automation and Loan Application Processes.
Sawyerr explained that the engagement was organized to address and bridge some of the gaps identified in the loan application process. He emphasized that NELFUND’s mandate, as established by the Federal Government, goes beyond issuing loans—it is about democratizing access to education for every young Nigerian, irrespective of their background, location, or chosen field of study.
“For too long, many students, particularly in technical institutions, have faced steep financial barriers. Some are forced to drop out, while others never even apply,” Sawyerr said. “This is the gap we are determined to close. But we can’t do it alone—it’s a shared mission involving government, institutions, and the private sector.”
He noted that the workshop marks a significant step in improving the system, not just by providing funds, but by building a transparent, technology-driven platform that simplifies application, verification, and disbursement.
Addressing the challenges faced so far, Sawyerr acknowledged that launching a project of such magnitude comes with its learning curve. “You prepare thoroughly, launch, observe feedback, engagement levels, and challenges—then refine the process. That’s what we are doing now, and we’ll continue to do this periodically as we discover new issues, adopt new technologies, and seize new opportunities.”
He emphasized that students who gained admission through JAMB are eligible to access the loan, provided they follow the right steps and submit accurate information. “It’s a loan, not a giveaway,” he said. “Students must make informed decisions about when and why they are applying. It should be for a purpose that furthers their educational and life goals.”
Sawyerr also clarified that while NELFUND aims to process applications swiftly, due diligence is non-negotiable. “We are managing public funds, so we must conduct thorough checks. It’s not just about speed, it’s about safety and accountability.”
As of the latest count, Sawyerr said the Fund has recorded approximately 570,000 registrations, with around 515,000 applicants completing the full loan application process.
“These are not just numbers—they represent real people whose educational journeys we are supporting. And we continue to receive about 1,800 new applications daily,” he concluded.