Tag: NELFUND

  • NELFUND disburses N88.7mto 330 varsity students

    NELFUND disburses N88.7mto 330 varsity students

    Vice Chancellor, Federal University of Health Sciences (FUHSI), Ila-Orangun, Osun State, Prof. Akeem Lasisi, has said 330 students of the institution have benefitted from the Nigerian Education Loan Fund (NELFUND).

    He made this known yesterday while delivering his speech at the 3rd matriculation of the university.

    ”To date, 145 males and 185 females have benefited from NELFUND in our university, giving a total of 330 students.

    “The total fund so far received from NELFUND is N88,723,000.00,” he said.

    He urged the students to make use of the opportunities provided by NELFUND to further their education.

    On the university’s admission process, Lasisi said more than 4,000 candidates applied to the university, but only 1,004 were admitted.

    He said with the newly admitted students, the university’s enrolment had increased from 673 at the inception in 2023 to 2,683.

    ”As a common aphorism goes; many were called, but few were selected.

    ”Our admission process is very competitive because our institution is a specialised university with regulated admission quota for programmes,” he said.

    Congratulating the matriculating students, the vice chancellor said the university had zero tolerance for indecency and harassment.

    Read Also: NELFUND to terminate loan for dropouts

    He noted that the university was being regulated by laws and policies and any student caught violating the rules and regulations would face the full scale of the law.

    Lasisi said in order to protect the students from victimisation and harassment, the university had created a platform for them to submit their complaint via e-mail address: reachout@fuhsi.edu.ng.

    “We mould future and we firmly believe that character is inseparable from learning,” he said.

    On the achievements of his administration in the last three years, Lasisi said the university had embarked on massive infrastructure development at its permanent site.

    ”In the last three years, our team has worked assiduously to turn what seemingly used to be a thick bush to a haven of knowledge with growing infrastructural development.

    ”The aim is to produce generation of medical and health experts for the overall development of our nation and the global space,” he said.

    The VC said the university had constructed the senate building, library, faculty of basic medical science, ICT, nursing, multidisciplinary laboratory, pavilion, phase one College of Medicine, among others.

    “We have equipped our laboratories, while working tirelessly to recruit best personnel for the institution.

    ‘’In the history of Nigeria institutional development, our team stands out as the first institution to develop both the university and the teaching hospital concurrently,” he said.

  • NELFUND to terminate loan for dropouts

    NELFUND to terminate loan for dropouts

    Dropouts still getting stipends are to be taken off the list of beneficiaries, the Nigerian Education Loan Fund (NELFUND) said yesterday.

    Executive Director of Operations, Mr. Mustapha Iyal, confirmed that plans have peaked to update NELFUND’s system and the database.

    He spoke at a news conference addressed in Abuja by the agency’s Managing Director, Mr. Akintunde Sawyerr.

    Iyal said some of the beneficiaries who got stipends in the 2023/2024 academic session will not get in the 2024/2025 application cycle. 

    He said: “What we’re aiming to do right now is to update our system. And part of the update that we’re doing presently is updating the students’ database.

    “This is because, without the update, you don’t know who is out of school. So, what we’re doing right now is that we’re dealing with institutions.’’

    The NELFUND director said the fund had a lot of data from relevant institutions and a lot of their applicants kept coming up.

    NELFUND said it has disbursed over N22 billion to 215,514 students.

    The agency, which announced the closure of the 2023/2024 student loan application cycle on Friday, said it has disbursed N12, 818,960,000 upkeep to 169,114 students.

    Read Also: NELFUND opens portal for 2024/2025 applications for student loan Feb 22

    The portal for the 2024/2025 application cycle will open on February 22.

    Sawyerr said NELFUND received 364,042 applications in 229 days, with an average of 1,000 applications per day.

    He said: “In just 220 days, we have received an impressive 364,042 applications with an average of 1,000 applications per day.

    “I am proud to announce that N22,736,960,971 has been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students.

    “Furthermore, a total of N12,818,960,000 has been disbursed as upkeep support, reaching 169,114 students, each receiving N20,000 monthly to assist with their living expenses.

    “As part of our commitment to efficiency, transparency, and continuous improvement, we are here to formally announce the closure of the 2023/2024 application cycle on our student loan portal.

    “This marks a critical transition as we prepare to open the 2024/2025 application cycle.

    “The 2023/2024 student loan application portal will officially close on Friday (February 21, 2025).

    “We want to reassure all applicants who have successfully submitted their applications before this deadline that their applications will be processed in line with our established guidelines.

    “Our team remains committed to ensuring a fair and timely review of all pending applications.

    “The 2024/2025 application cycle will officially commence on February 22, 2025.

    “This transition is a necessary step to streamline our operations, align with the academic calendar, and enhance our ability to process applications efficiently.”

    The NELFUND described the transition to the 2024/2025 cycle as a demonstration of the organisation’s commitment to efficiency, transparency and continuous improvement of the scheme.

    The Managing Director urged potential applicants to start preparing by collecting the required documents.

    He assured those who submitted their applications on time that their submissions would be reviewed.

    Sawyerr said: “Our team remains committed to ensuring a fair and timely review of all pending applications.

    “This transition is a necessary step to streamline our operations, align with the academic calendar and enhance our ability to process applications efficiently.

    “NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints.”

    Sawyerr said the agency was updating its student database to ensure only active students receive support, with a focus on moving into the 2024-2025 academic session.

    He blamed delays in processing applications on benefitting institutions that verify students’ information, adding that the delay affects the payment of institutional fees and upkeep.

    Sawyerr noted that upkeep payments are made only after institutional fees are confirmed, with a gap of a week or two between the two payments.

  • NELFUND opens portal for 2024/2025 applications for student loan Feb 22

    NELFUND opens portal for 2024/2025 applications for student loan Feb 22

    …says all applications received will be processed

    …N22bn disbursed to 215,514 students

    The Nigerian Education Loan Fund (NELFUND) said it has disbursed over N22 billion under the student loan to 215,514 students.

    The agency also said it has disbursed N12,818,960,000 upkeep support to 169,114 students.

    It said it would close the 2023/2024 student loan application cycle on Feb. 21 and commence the 2024/2025 application cycle on Feb. 22.

    Managing Director of NELFUND, Akintunde Sawyerr disclosed this at a news conference in Abuja on Monday.

    Sawyerr said NELFUND received 364,042 applications in 229 days, with an average of 1,000 applications per day.

    He said: “In just 220 days, we have received an impressive 364,042 applications with an average of 1,000 applications per day. I am proud to announce that N22,736,960,971 has been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students. Furthermore, a total of N12,818,960,000 has been disbursed as upkeep support, reaching 169,114 students, each receiving N20,000 monthly to assist with their living expenses.

    Read Also: Alaafin’s coronation in jeopardy over unknown whereabouts of Osun monarch

    “As part of our commitment to efficiency, transparency, and continuous improvement, we are here today to formally announce the closure of the 2023/2024 application cycle on our student loan portal. This marks a critical transition as we prepare to open the 2024/2025 application cycle.

    “The 2023/2024 student loan application portal will officially close on February 21, 2025. We want to reassure all applicants who have successfully submitted their applications before this deadline that their applications will be processed in line with our established guidelines. Our team remains committed to ensuring a fair and timely review of all pending applications.

    “I am pleased to announce that the 2024/2025 application cycle will officially commence on February 22, 2025. This transition is a necessary step to streamline our operations, align with the academic calendar, and enhance our ability to process applications efficiently.”

    The NELFUND boss stated that the transition to the 2024/2025 cycle was a demonstration of the organisation’s commitment to efficiency, transparency, and continuous improvement of the scheme.

    The managing director urged potential applicants to start preparing by collecting the required documents, assuring those who submitted their applications on time that their submissions would be reviewed in accordance with NELFUND’s standard procedures.

    Sawyerr reassured those who had successfully submitted their applications before the deadline that their applications would be processed, in line with the fund’s established guidelines.

    He said: “Our team remains committed to ensuring a fair and timely review of all pending applications.

    “This transition is a necessary step to streamline our operations, align with the academic calendar, and enhance our ability to process applications efficiently.

    “NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints.”

    Sawyerr said the agency was updating its student database to ensure only active students receive support, with a focus on moving into the 2024-2025 academic session.

    He blamed delays in processing applications on benefitting institutions that verify students’ information, adding that the delay affects the payment of institutional fees and upkeep.

    He noted that upkeep payments are made only after institutional fees are confirmed, with a gap of a week or two between the two payments.

  • Tinubu’s NELFUND game changer for Nigerian education — Presidency

    Tinubu’s NELFUND game changer for Nigerian education — Presidency

    The Special Assistant to President Bola Tinubu on Students’ Engagements, Sunday Asefon, has described Nigerian Education Loan Fund (NELFUND) as a game changer reshaping the Nigerian education. 

    Asefon said that the initiative with over N100 billion spent to give soft loan to students has become a transformative force making university education more accessible to those from disadvantaged background. 

    The presidential aide stated this at the weekend while distributing free Joint Admission and Matriculation Board forms to 500 indigenes of Ado Ekiti, the Ekiti State Capital.

    Asefon noted that impacts of NELFUND is already being felt across the country with students who have benefited from the educational initiative have reported improved academic performance and reducing school dropout among youths. 

    He urged the students to ensure they access the loan anytime the opportunity beckons to further their education. 

    Speaking on the free JAMB Form for the students, Asefon said that the gestures would afford the indigent beneficiaries to partake in the coming Unified Tertiary Matriculation Examination (UTME).

    Read Also: The Nigerian Education Loan Fund (NELFUND)

    He revealed that five of the beneficiaries, who emerged  best in the UTME, will be given scholarship to the last level in the tertiary institution through support from the son of the President, Mr. Seyi Tinubu, while others who performed well will be given computer laptops as a motivation.

    Asefon, added that 50 out of the forms would be distributed to the SS3 students of Ado Grammar School, his alma mater, while remaining 450 will be distributed to beneficiaries drawn from Ado Local Government.

    The former Students’ Leader asserted that his action was part of the ways to checkmate illiteracy and ensure that no youth is inhibited from attaining tertiary education on account of poverty, which was also a vision of Tinubu’s government.

    He said, “This initiative aligns with the Renewed Hope Agenda of  President Bola Ahmed Tinubu in ensuring that no deserving Nigerian youth is denied access to education due to financial constraints.

    “I commend the efforts of all stakeholders who continue to support students’ welfare and educational advancement. It is our collective responsibility to create opportunities for young Nigerians to thrive academically and contribute meaningfully to society.

    “This is just one of many interventions designed to ensure that our students receive the necessary support to excel. I assure Nigerian students of my unwavering commitment to championing their cause and advocating for policies that prioritize their educational needs”,  he added. 

  • N32.8b not N104b disbursed as student loan, says NELFUND

    N32.8b not N104b disbursed as student loan, says NELFUND

    The Nigerian Education Loan Fund (NELFUND) has said it had disbursed a total of N32,893,010,000 and not N104 billion to students under the student loan scheme.

    The agency made the clarification in a statement yesterday in Abuja in reaction to reports on how much it had disbursed under the loan scheme.

    The statement reads: “The management of the Nigerian Education Loan Fund (NELFUND) under the leadership of Akintunde Sawyerr wishes to correct the inaccurate reports regarding the total amount disbursed under the Student Loan Scheme. Contrary to claims that over N104 billion has been disbursed to 600 beneficiaries, the actual figures are as follows:

    “As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. So far, the fund has disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions.

    Read Also: CBN extends FX market access for BDCs to May 2025

    “Additionally, for upkeep, NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000.

    “We appreciate the unwavering support of President Bola Ahmed Tinubu (GCFR) in making higher education accessible to all deserving Nigerian students. NELFUND remains committed to transparency and efficiency in managing the student loan scheme and will continue to provide accurate updates as disbursements progress.”

  • NELFUND disburses N20bn to 192,906 students

    NELFUND disburses N20bn to 192,906 students

    The Nigerian Education Loan Fund (NELFUND) as of Feb.3, has disbursed a total of N20,074,050,000 for institutional fees, benefiting no fewer than 192,906 students across various tertiary institutions in the country.

    This is contained in a statement by Akintunde Sawyerr, Managing Director, NELFUND, and made available to newsmen in Abuja on Monday.

    Sawyerr also disclosed that the Fund had so far received loan applications from no fewer than 364,042 students.

    Read Also: NELFUND committed to making quality education accessible, says Sawyerr

    He added that about 169,114 students had also so far benefitted from the NELFUND’s monthly stipends disbursement, with N12, 818,960,000 disbursed and each student receiving N20, 000.

    “We appreciate the unwavering support of President Bola Tinubu in making higher education accessible to all deserving Nigerian students.

    “NELFUND remains committed to transparency and efficiency in managing the student loan scheme and will continue to provide accurate updates as disbursements progress.

    (NAN)

  • 600,000 students received loans worth N104b – FG

    600,000 students received loans worth N104b – FG

    As part of efforts to strengthen Nigeria’s education sector, President Bola Tinubu has approved the sum of  N104 billion Nigerian Education Loan Fund (NELFUND). 600,000 Nigerian students will benefit from the initiative.

    Tinubu disclosed this at the 42nd Founders’ Day and 33rd Convocation Ceremony of the Federal University of Technology, Minna, Niger State.

    He said the move demonstrates his government’s commitment to making quality education accessible and affordable for all.

    According to him: “The NELFUND programme aims to provide financial support to students, bridging the gap between financial challenges and access to higher education. With this significant investment, the government is empowering students to pursue their academic dreams, driving human capital development, and fostering a knowledge-driven society,” he stated.

    The President who was represented by the Director of Universities at the Federal Ministry of Education, Hajiya Rakiya Gambo Iliyasu, said the government had allocated N940.5 billion to the Tertiary Education Trust Fund (TETFund), in the 2025 budget, which underscores the administration’s dedication to improving educational infrastructure and manpower.

    Tinubu reaffirmed his commitment to addressing the challenges facing the education sector, including ensuring industrial harmony in universities.

    He further disclosed that the renegotiation of the 2009 agreement with university staff unions and the resolution of salary issues were key steps towards fostering stability in higher education.

    Read Also: NELFUND’s loans hit N116.184b

    The president added that as the government continues to prioritise education, Nigerian students can look forward to a brighter future, equipped with the knowledge, skills, and support necessary to drive innovation, economic growth, and national development.

    Niger State governor, Mohammed Umaru Bago, speaking shortly after being conferred with an honorary doctorate in Agriculture by the university, said his administration was committed to collaborating with individuals to make education accessible to every citizen.

    Other recipients of honorary degrees included Governor Uba Sani of Kaduna State, who was conferred with a degree in Entrepreneurship; and Senator Muhammad Sani Musa, representing Niger East senatorial district, who received a degree in Technology.

    The Governor also announced a donation of N100 million to an endowment fund created by Senator Muhammad Sani Musa, who donated N200 million.

    Furthermore, the Vice Chancellor of FUT Minna, Prof. Faruk Adamu Kuta, stated that the event marks four decades of excellence in science, engineering, technology, and innovation.

    “The university has grown to be a leading institution in technological education in Nigeria, and we won’t compromise on our standards,” he said.

  • Presidential aide lauds Tinubu’s student loan initiative as life-changing

    Presidential aide lauds Tinubu’s student loan initiative as life-changing

    The Personal Assistant to the President on Special Duties, Alhaji Kamorudeen Yusuf, has praised President Bola Ahmed Tinubu’s Student Loan Initiative, describing it as a life-changing program that fulfills a key campaign promise to empower Nigerian students.

    In a video, Yusuf highlighted the initiative’s impact, which has disbursed ₦20.8 billion to over 200,000 students across 133 tertiary institutions, including universities, polytechnics, and colleges of education.

    The programme provides financial support for tuition fees and upkeep expenses without traditional loan barriers.

    “This initiative is groundbreaking. It offers interest-free loans that require no guarantor or collateral. Even more impressive, repayment begins only two years after securing employment, ensuring students have enough time to stabilize financially,” Yusuf stated.

    “Implemented through the Nigeria Education Loan Fund (NELFUND), the federal government program aims to ease the financial burden on students and their families while encouraging higher education enrollment.

    Yusuf urged eligible students to apply through NELFUND’s social media channels, saying, “If you’re a student struggling with fees, act now! Secure your future by leveraging this transformative opportunity.”

    President Tinubu’s administration has prioritized education reforms as a cornerstone of its development agenda.

    Read Also: Presidential aide seeks integration of NIN with student ID cards

    The Student Loan Initiative is seen as a critical step in creating equal opportunities for young Nigerians to pursue higher education without financial hindrance. Since its launch, the initiative has received widespread praise for its innovative approach and commitment to reducing educational inequality.

    By eliminating the need for guarantors, collateral, or interest payments, the program ensures accessibility for all eligible students, regardless of their socio-economic background.

    With more than 200,000 beneficiaries already supported, the government is calling on more students to join the program. Applications can be made through the official NELFUND social media platforms.

  • NELFUND’s loans hit N116.184b

    NELFUND’s loans hit N116.184b

    • Senators warn against frivolous projects
    • Gets N58.4b budget envelope for this year

    The Nigerian Education Loan Fund (NELFUND)  as of January 1 has disbursed  N116.184 billion as loans to students  across 176, 252 beneficiary institutions, it was learnt yesterday..

    The Managing Director of NELFUND, Akintunde Sawyer, who  made this known  during a budget defence session organised by the joint National Assembly Committee on Tertiary Institutions and TETFund, in Abuja, said the  N58.4billion was allocated to the agency as expenditure for the 2025 fiscal year.

    This is even as Senators warned the Managing Director of the agency to desist from embarking on ‘frivolous’ capital projects that have no bearing with the mandate and responsibilities of the agency.

    In his presentation, Sawyer explained that  of the N116.184billion, N37.7billion was spent on institution loan.

    According to him,  352,796 students applied for the loan, while 108,484 were attended to.

    On the 2025 budgetary proposal, the NELFUND boss informed the Senator Muntari Dandutse and  Gboyega Isiaka-led joint Committee of the National Assembly that N58.4billion budget envelope was given the agency.

    According to him,  of the N58.4billon budgetary proposal for 2025, N12.2billion is earmarked for personnel cost, N24.7billion for overhead c and N21.4billion for capital expenditure.”

    After consideration of the agency’s  budgetary proposals, the joint committee accordingly approved it through voice vote put to members.

    Earlier before the approval of the agency’s 2025 budgetary proposal, Senator Dandutse Muntari, harped on transparency on spending of appropriations made for the agency.

    Read Also: FG approves N50b for provision of water in FCT Area Councils – Wike

    “We will examine NELFUND’s financial plan for the upcoming fiscal year to evaluate its alignment with national educational goals and its capacity to meet the growing demands for student loans because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions,” he said.

    Moreover, members of the committee warned the agency against running the newly-established loan agency like other Ministries, Departments and Agencies (MDAs) of the Federal Government that end up embarking on projects that have no bearing on their statutory mandates.

    Sawyer had listed some projects the agency allocated funds to execute to include: N12billion for the purchase of a headquarters building; N4billion for sensitisation and awareness creation; and N2billion for data capture and operations.

    However, senators faulted some of the projects, warning NELFUND against overwhelming itself with extraneous projects like other MDAs.

    Senator Adetokunbo Abiru,  said the agency did not need to budget N12billion to buy a building for its head office operations.

    He advised the agency to liaise with the Economic and Financial Crimes Commission (EFCC) and apply for any of the many buildings forfeited to the government as proceeds of crime.

    Abiru, who is the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, said: “These are huge expenditures you are using tax prayers’ money to carry out.

    “Let us be very careful so that we don’t clog NELFUND with the same problems that have affected many agencies in Nigeria. This is a new organisation.

    “If you want the private sector to come in and partner and they do come in, these are the types of figures they will be pointing out.”

  • NELFUND’s loans hit N116.184bn

    NELFUND’s loans hit N116.184bn

    The Nigerian Education Loan Fund (NELFUND), said that as at 1st January 2025, it has disbursed N116.184billion as students’ loans across 176, 252 beneficiary institutions in the country.

    The Managing Director of NELFUND, Akintunde Sawyer, who disclosed this during a budget defence session organised by the joint National Assembly Committee on Tertiary institutions and TETFund, in Abuja, said the sum of N58.4billion was allocated to the agency as expenditure for the 2025 fiscal year.

    Sawyer explained that out of the N116.184billion, N37.7billion was spent on institution loan.

    According to him, a total of 352,796 students applied for the loan, while 108,484, were attended to.

    On the 2025 budgetary proposal, the NELFUND boss informed the Senator Muntari Dandutse and Hon Gboyega Isiaka led joint committee of the National Assembly that N58.4billion budget envelope was given the agency.

    According to him: “Out of the N58.4billon budgetary proposal for 2025, N12.2billion is earmarked for personnel cost, N24.7billion for overhead cost and N21.4billion for capital expenditure.”

    After consideration of budgetary proposals of the agency the joint committee accordingly approved it through voice vote put to members.

    Before approval of the agency’s 2025 budgetary  proposal, the Chairman of the joint Committee, Senator  Dandutse Muntari harped on transparency on spending of appropriations made for the agency in 2025.

    “We will examine NELFUND’s financial plan for the upcoming fiscal year to evaluate its alignment with national educational goals and its capacity to meet the growing demands for student loans because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions,” he said.

    Moreover, members of the committee warned the agency against running the newly-established m loan agency like other Ministries, Departments and Agencies (MDAs) of the Federal Government that end up embarking on projects that have no bearing on their statutory mandates.

    Sawyerr had listed some projects, which the agency allocated funds to execute to include: N12billion for the purchase of a headquarters building; N4billion for sensitisation and awareness creation; and N2billion for data capture and operations.

    Read Also: ASUU: Why NELFUND cannot replace TETFUND

    However, senators faulted some of the projects, warning NELFUND against overwhelming itself with extraneous projects like other MDAs.

    Senator Adetokunbo Abiru, in his remarks, said the agency did not need to budget N12billion to buy a building for its head office operations.

    He advised the agency to liaise with the Economic and Financial Crimes Commission (EFCC) and apply for any of the many buildings forfeited to the government as proceeds of crime.

    Abiru, who is the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, said: “These are huge expenditures you are using tax prayers’ money to carry out.

    “Let us be very careful so that we don’t clog NELFUND with the same problems that have affected many agencies in Nigeria. This is a new organisation.

    “If you want the private sector to come in and partner and they do come in, these are the types of figures they will be pointing out.”

    Senator Jimoh Ibrahim, called on the agency to focus on its core mandate of disbursing loans to students for now, which does not really require NELFUND to operate with any huge overheads or going into the execution of major capital projects.

    “I think you have to listen and appreciate all the comments and observations made so far by Distinguished senators.

    “This is an agency that must succeed and we should do everything to ensure its success,” Ibrahim said.