In a bold move to address long-standing challenges in the Nigerian education financing system, the Nigerian Education Loan Fund (NELFUND) has announced a major overhaul of its student loan application process, leveraging advanced technology to make access faster, fairer, and more transparent.
Speaking during a media briefing in Abuja, the Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, revealed that the agency is working tirelessly to implement a fully digitized and user-friendly platform that will simplify the loan application process and reduce delays. He emphasized that the goal is to eliminate bottlenecks and ensure that no Nigerian student is left behind due to lack of financial support.
“Education is a right, not a privilege. With this technology-driven model, we are setting up a transparent and efficient platform that puts students first,” Sawyerr stated, noting that the agency’s reforms are aligned with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, which prioritizes youth empowerment and access to education.
According to the CEO, more than 320,000 students across tertiary institutions have already benefited from the scheme, with payments successfully disbursed. He also disclosed that several others are currently undergoing verification as the agency scales up operations.
In a forward-looking development, NELFUND is also integrating its system directly with the portals of higher institutions across the country. This strategic collaboration, Sawyerr explained, will enable seamless data exchange, automate verification of student records, and quicken the processing of loans.
“This integration with institutional portals will drastically reduce human errors and bureaucracy, enabling students to access loans in real time with minimal documentation,” he added.
The student loan initiative, introduced under the Students Loans (Access to Higher Education) Act signed into law in 2023 by President Tinubu, is designed to provide interest-free loans to students in public tertiary institutions who cannot afford to pay tuition fees. The fund is expected to boost enrollment rates and reduce the dropout rate caused by financial constraints.
As part of the ongoing reform, NELFUND is also engaging with student bodies, university managements, and ICT experts to fine-tune the system and ensure inclusivity.
“We are not just building a system; we are building trust and giving students renewed hope. The youth of Nigeria deserve access to quality education without being burdened by impossible financial hurdles,” Sawyerr concluded.
The efforts by NELFUND mark a significant step toward modernizing Nigeria’s student loan architecture and reaffirm the government’s commitment to creating an inclusive educational environment that empowers every Nigerian youth to reach their potential.
Would you like me to attach the full official statement from Mr. Sawyerr at the end of the story?