Over ₦2 billion in institutional fees have been paid to students at six different educational institutions in the nation by the Nigerian Education Loan Fund (NELFUND). This program has benefited 22,120 students in total, which is consistent with President Bola Tinubu’s pledge to enhance educational possibilities in Nigeria. The fund’s representative, Nasir Ayitogo, emphasized that the pay outs were coordinated with the academic calendar of each school to guarantee that students would not face financial obstacles while pursuing their study.
Six of the twelve targeted colleges have so far gotten full funding, enrolling almost 20,000 students. With payments to the remaining six institutions anticipated within a week, the total sum disbursed is estimated to be ₦2,026,163,340. Apart from paying for the fees of the institutions, NELFUND has begun giving students maintenance allowances; ₦442 million has been set aside for July to help with living expenses. The goal of this program is to ensure that academic activities continue while easing the financial load that students and their families bear.
Its main goal is to lower the financial obstacles to study.
In order to offer financial assistance to students enrolled in Higher Education institutions throughout Nigeria, the Nigerian Education Loan Fund was founded. By providing loans to cover tuition, living expenses, and other educational costs, its main goal is to lower the financial obstacles to study. In order to facilitate students’ smooth continuation of their education, the fund works by paying loans directly to the schools on their behalf. These payments are made in accordance with the academic calendar.
With the help of thousands of students each year, NELFUND has developed into an essential part of Nigeria’s educational Infrastructure throughout time. Students who have benefited from the NELFUND have conveyed their appreciation for the relief it offers in terms of finances. Amina Yusuf, a beneficiary and University of Lagos (UNILAG) student, said, “I would have had difficulty paying my fees this semester without the support from NELFUND.” I can now concentrate on my studies without having to worry about money thanks to the loan.”
More accommodating repayment plans are being considered.
John Okafor, a University of Ibadan (UI) student, added, “The upkeep allowance has been a huge help in managing my living expenses.” My daily existence as a student has significantly improved as a result.” The University of Lagos, the University of Ibadan, Ahmadu Bello University (ABU), Obafemi Awolowo University (OAU), the University of Nigeria Nsukka (UNN), and Bayero University, Kano (BUK) are the six academic tertiary institutions that have previously benefited from money from the Nigerian Education Loan Fund.
University of Benin (UNIBEN), Federal University of Technology, Akure (FUTA), Jos, Port Harcourt, Ilorin, and Nnamdi Azikiwe University (UNIZIK) are the final six institutions that should receive funding this coming week. Future ambitions for NELFUND include growing the number of schools it offers financial support to and adding more to its program in order to reach a wider audience. More accommodating repayment plans are also being considered in order to facilitate the loan payback process for graduates upon graduation.
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Although NELFUND has achieved success, there are still a number of operational difficulties. Ensuring that funds are disbursed promptly to coincide with various universities’ academic calendars is a significant concern. In addition, with more students requesting for loans, there are worries over the fund’s sustainability. A significant obstacle that needs to be overcome is making sure the fund has enough resources to accommodate demand without jeopardizing its financial viability. In order to keep the confidence of stakeholders and recipients, the fund must also overcome bureaucratic roadblocks and preserve operational openness.