The National Association of Nigerian Students (NANS) has urged the Federal Government to keep a close eye on the disbursement of loans under the Nigeria Education Loan Fund (NELFUND) to ensure transparency, accountability, and equitable distribution. NANS voiced concerns over potential mismanagement of funds and emphasized the critical role of the initiative in addressing educational challenges across the country. The association also emphasized the importance of the NELFUND initiative as a mechanism to lessen the financial load that Nigerian institutions and students experience in a statement issued by its leadership.
Many praised the program as a possible game-changer for reviving Nigeria’s education sector as it was created to offer easily available financing for both schools and students. Nonetheless, the student body underlined that rigorous supervision and appropriate execution are essential to the initiative’s success. The group noted that in the absence of strong oversight procedures, inefficiencies, partiality, or blatant Corruption could jeopardize NELFUND’s goals. NANS called on the government to establish an open system for allocating the funds to guarantee that it reaches the intended beneficiaries.
34 billion naira disbursed to over 300,000 students so far.
Moreover, the NELFUND program, which was created to help underfunded institutions and offer students easily accessible educational loans, has received recognition for its effective execution process. Many students have reportedly been able to obtain the loans with little delay, which is different from the bureaucratic difficulties that frequently characterize other government initiatives. Improvements made to the application and payout procedures, which were intended to reduce bottlenecks and expedite approvals, have been credited with this efficiency.
Several schools have also officially confirmed receiving funds from NELFUND to cover student fees, a move that has brought much-needed relief to both students and their families. These affirmations highlight the program’s efficacy and its capacity to revolutionize Nigerian education. Through the Nigeria Education Loan Fund (NELFUND), the incumbent administration has so far disbursed 34 billion Naira to over 300,000 students. Also it was noted that about 826.90 billion naira has been allocated for the development of educational facilities in the 2025 Budget.
Vigilance in monitoring the funds utilization urged.
In an interview with Channels TV, Mr. Akintunde Sawyerr, MD/CEO of NELFUND, said the Fund has disbursed around N23 billion, of which N5 billion has been allocated for upkeep and 18 billion to institutions. According to him, 94,000 pupils have already benefited from the money that has been distributed. He added that by 2025, the organization hopes to serve 1.2 million students. Despite this progress, NANS has called for vigilance in monitoring the fund’s utilization. While the seamless implementation is laudable, the association emphasized ensuring accountability remains critical to sustaining public trust and achieving long-term impact.
According to NANS, the real measure of success lies not just in disbursement but in the proper use of funds to enhance educational outcomes. It further cautioned against bureaucratic obstacles that could cause beneficiaries to find the process difficult or postpone disbursement. It emphasized that in order to prevent interruptions to academic activity, a user-friendly application process and prompt money distribution are essential. If properly run, the initiative might represent a lifeline for many students and struggling schools, it added.
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As the initiative gains traction, the federal government is being urged to build on the success of the NELFUND initiative by implementing a regular evaluation program. These evaluations will guarantee that the program keeps meeting its goals and help in identifying possible areas for improvement. For the time being, the smooth execution of NELFUND is a positive development that gives Nigeria’s education system some hope. The government has laid a solid foundation for the initiative’s success by emphasizing effectiveness and openness, opening the door for a more inclusive and equal educational system.