The Managing Director of the Nigerian Education Loan Fund (NELFUND) Akintunde Sawyerr, has announced that the agency has disbursed 12 billion naira in student loans to date.
Speaking during an oversight visit by the House Committee on Student Loans and Higher Education Financing in Abuja, he revealed that 601,000 loan applications have been processed so far, with 321,000 approved and sent to institutions for validation.
Sawyerr also noted that the agency has received 400,000 registrations, out of which 120,000 individuals have received stipends. The fund processes over 2,000 applications daily and is committed to ensuring fairness in loan disbursement across all regions.
He further disclosed that 52,000 additional loans were approved last week for disbursement to institutions and individuals.
Highlighting the challenges, Sawyerr stated that managing a fund of this size without face-to-face interactions poses risks of fraud. To mitigate this, the agency meticulously reviews each application individually.
The Chairman of the House Committee on Student Loans and Higher Education Financing, Hon. Gboyega Isiaka, commended NELFUND’s efforts, stating that the agency’s progress and statistics are satisfactory. He also acknowledged areas for improvement and pledged the committee’s continued support and oversight.
Isiaka praised the student loan initiative as a positive step by the presidency, emphasizing the need for increased sensitization, particularly in southern Nigeria, where application numbers are lower than expected.
