The Managing Director of NELFUND, Akintunde Sawyerr, has officially announced that NELFUND is set to accept a total of 400,000 new students for the 2024/2025 academic year across Nigerian institutions, including universities, polytechnics, and colleges of education.
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NELFUND student loan statistics for the 2023/2024 academic session
| Total registration | 400,000 students |
|---|---|
| Current total applicants | 385,000 students |
| Total disbursement as at December 2024 | N110 Billion |
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According to projections made Tuesday by the Federal Government's intervention agency, the Nigerian Education Loan Fund, there might be as many as 2.1 million student loan recipients.
This was revealed by NELFUND Managing Director Akintunde Sawyerr during the SERVICOM unit and committee members' inauguration and induction in Abuja.
His prediction comes a week after NELFUND data revealed that since its founding, the organization had distributed more than N104 billion to students from Nigerian tertiary institutions.
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The disbursed payments include upkeep loans paid immediately to the account number submitted by the applicants and institutional fees paid directly to the applicants' institutions.
Speaking to reporters in Abuja, Sawyerr clarified that the fund might be expecting to have 2.1 million students registered overall, given the admission of roughly 400,000 additional applicants this year.
He stated, "We have estimated our commitment today to these people is somewhere in the range of 2.1 million for the people we are responsible for in tertiary institutions that are owned by the government, such as polytechnics, universities, and colleges of education, as well as the majority of students who will be coming in for the next session."
It is only an estimate, and once our skills program begins, it will be larger. The reason for this is because we have a lot more there. About 400,000 pupils are anticipated to begin this new session.
Sawyerr rejected the idea when asked if the Fund would also help the nation's 20 million or more out-of-school children.
He claims that under the law and building principles, the loan program is only available to students enrolled in tertiary institutions.
The Act that established the NELFund makes it clear that it is only for tertiary education. Therefore, even if we acknowledge that there might be 20 million, the law only permits us to speak to out-of-school youth in Nigeria who are enrolled in or about to enroll in higher institutions run by the Federal Government and subnationals.
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Earlier in her speech, Mrs. Nnenna Akajemeli, the National Coordinator and Chief Executive Officer of SERVICOM, urged the inductees to collaborate and work as a team to ensure that the beneficiaries have a smooth student loan experience.
To guarantee customer satisfaction and control performance, the Federal Government launched SERVICOM to encourage effective and efficient delivery in ministries, departments, and agencies.
"Nigerian students stand out wherever they go," she remarked. Therefore, we must keep motivating them. Developing public servants' abilities to provide exceptional service is another of our responsibilities.
"I would like to express my gratitude to NELFUND for maintaining continuous communication with the SERVICOM office to guarantee the success of this program.
You can walk by yourself if you want to move quickly. However, NELFUND must act as a team in order to succeed.