The Nigerian Education Loan Fund (NELFUND) has disclosed that it disbursed N116.18 billion in education loans to 176,252 beneficiaries, including 108,484 students who received N8.5 billion for upkeep.
Speaking to the National Assembly Joint Committee on Tertiary Institutions and TETFUND, NELFUND Managing Director, Mr. Akintunde Sawyer, highlighted the growing demand for educational loans, with 457,621 new students already registered, and 352,796 actively applying.
“The total loans given, both institutional and upkeep, amount to 680,658, with a committed sum of N116,184,265,261. Of this, over N37 billion went to institutional loans, while N78 billion was disbursed for upkeep,” Sawyer revealed.
Projections for 2025
Sawyer projected a sharp rise in loan applications in 2025, estimating that 1.8 million students—75% of the 2.5 million in NELFUND’s database—will apply for loans totaling over N1 trillion. The overall expenditure for 2025, including loans and training programs, is expected to approach N2.5 trillion.
Empowering Youths Through Skills Training
In addition to loans, NELFUND plans to implement skills acquisition programs, taking training directly to communities to ensure broader participation. “We aim to train over 25,000 youths in 2025, growing that number annually. Each trainee will receive a loan of N1.5 million, covering four batches of 6,250 trainees each,” Sawyer explained.
The training will span six months per batch, followed by a six-month moratorium before loan repayments commence. This initiative will cost N9 billion per batch, totaling N36 billion annually.
Budget Allocation and Support Request
For 2025, NELFUND’s budget includes N12 billion for personnel costs (21%), N24 billion for overhead (42%), and N21 billion for capital expenses (37%). Sawyer called on lawmakers to support the agency in conducting roadshows and community engagement to promote the loan program and skills training opportunities.
“We need to take this initiative to the nooks and crannies of Nigeria. Lawmakers are closest to the people, and we seek their collaboration to help spread the word and gather communities for awareness programs,” he said.
Driving Accessibility and Economic Growth
Sawyer emphasized that the agency’s efforts aim to bridge education funding gaps, empower Nigerian youths with skills, and stimulate economic development. “This program is more than loans; it’s about creating opportunities and ensuring the next generation is equipped for the future,” he concluded.
NELFUND’s ambitious plans signal a commitment to addressing education and skills development challenges in Nigeria, with significant implications for the country’s socioeconomic growth.
