Tertiary institutions in Nigeria face various challenges that impact their effectiveness and ability to provide a stable and conducive learning environment, and quality education. Many of them struggle with inadequate funding, affecting provision of infrastructure, payment of salaries of faculty and other essential staff, and research capabilities.

Many tertiary institutions rely on tuition fees which can be unaffordable for students from low-income backgrounds. Sometimes, indigent students owe tuition in arrears, further compounding the ability of institutions to get adequately funded. Enforcement of tuition payment has led to student unrest and protests on many occasions.

The Nigerian Educational Loan Fund (NELFUND) has been a game-changer in the country’s education sector, not only providing financial assistance to students in tertiary institutions through  interest-free loans and a flexible repayment plan, but also impacting on financial sustainability of the institutions. Established by the Federal Government of Nigeria, NELFUND aims to increase access to higher education for Nigerian youths by breaking down financial barriers.

The loan programme has several benefits to tertiary institutions including guaranteed and timely tuition payments from NELFUND to institutions of the beneficiaries. This has resulted in higher student enrollment and retention, better financial planning and investment opportunities, and enhanced institutional reputation and equity promotion. Administrators of tertiary institutions across Nigeria have praised the administration of President Bola Tinubu for launching the loan scheme, as well as NELFUND for the efficiency of the loan scheme.

Since its launch on May 24, 2024, NELFUND has disbursed a total sum of over ₦81 billion to cover tuition fees and upkeep allowances for over 396,252 students in more than 214 tertiary institutions across Nigeria’s 36 states and FCT. The breakdown of the disbursed funds includes over ₦46.5 billion as paid institutional fees and over ₦35.3 billion as upkeep allowance. The loan program has also seen a significant increase in applications, with 722,509 registrants and 709,925 successful applicants.

Ag. Vice-Chancellor of Federal University of Education, Zaria, Dr. Suleiman Balarabe, praised the Federal Government and NELFUND for the disbursement of over ₦42 million to 1,035 students of the institution for the 2024/25 academic session. He commended the exceptional contribution and outstanding performance demonstrated by granting this loan to students, noting that it has not only helped the students but also parents, the school, and the community.

“We sincerely appreciate and commend your exceptional contribution and outstanding performance demonstrated by granting this loan to our teeming students. This has not only helped the students alone, but parents, the school and the community, especially in this trying time of economic challenges,’’ Dr. Balarabe said, adding: “The long-run impact of this noble initiative is that level of social unrest and similar vices among our youth population will be reduced. We pray God Almighty to grant you the requisite grace and foresight to keep up this good work.’’

Similarly, Bursar of the University of Jos, Mr. Fada A. Umbugala, commended the timely disbursement of over ₦850 million to 6,507 students of the institution for the 2024/25 session, describing it as a significant support for the students, parents, and the university. He praised NELFUND’s operational effectiveness, stating that it is a strong pointer that there is hope for the Nigerian education system via this initiative.

“I write to commend NELFUND for under your able leadership for giant strides in reshaping the education system within a short period of your take-off. Your operational effectiveness is a strong pointer that there is hope for Nigerian education system via this initiative,’’ he stated.

Likewise, Acting Registrar, Akperan Orshi Polytechnic, Yandev, Benue State, Dr. Dogo Azua Samuel, expressed appreciation for the timely payment of over nine million naira to 245 students, affirming, “We deeply appreciate NELFUND’s commitment to supporting higher education access and easing the financial burden of our students. This intervention will go a long way in enabling them to pursue their academic goals without disruption.’’

Vice-Chancellor, Zamfara State University, Talata Mafara, Prof. Y.A. Zakari, confirming the disbursement of over N64 million for the tuitions and keep allowances of 799 students for 2024/25, described the programme as a significant support to the education sector. “This funding will significantly contribute to supporting the educational aspirations of these students, enabling them to pursue their studies and achieve their goals,’’ he said, thanking the Federal Government and NELFUND for the continued support and commitment to enhancing educational opportunities through the Student Loan Programme.  

At the Lagos State University of Education, Ojo-Ijanikin, the Bursar, Mr. A.G. Ajose, applauded the over N230 million disbursed for the tuition fees and upkeep allowance of 2,150 students for the 2024/25 session, just as the Vice-Chancellor of the Borno State University, Maiduguri, Prof. Babagana Gutti, acknowledged the receipt of the first tranche of over N253 million covering the institutional fees and upkeep allowance for 3,644 students for the 2024/25 session.

Gutti commended NELFUND thus: “The management of Borno State University wishes to appreciate you for the due diligence and transparent process employed in the selection of the above students of our institutions,’’ noting further that they eagerly awaited disbursement for the next batch of successful beneficiaries.  

Since a year ago when the student loan programme was launched as a strategic pillar under the Renewed Hope Agenda of President Tinubu focusing on youth empowerment, the scheme has had a significant impact on students and the education sector. With a flexible repayment plan, effective two years post-National Youth Service Corps upon securing gainful employment, and an easy application process, the interest-free loan programme is empowering young Nigerians to pursue their academic goals uninterrupted and contribute to the nation’s growth.

The Managing Director/Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, affirmed that the loan program is a transformative initiative aimed at increasing access to higher education for Nigerian youths. He enthused: “This is a transformational initiative by the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu. He is absolutely committed to ensuring the programme starts well, runs well and remains sustainable. It’s really not just about funding education; this programme represents a pillar of change, a revolution if you like, to what this country is seeking.”

With its numerous benefits to students, parents, tertiary institutions and the education sector at large, the achievements of the loan scheme in the last one year and positive testimonials from stakeholders in the tertiary education ecosystem are heart-warming. Without any doubt, the loan programme is poised to make an even bigger and lasting impact on the country’s education sector, promoting access to quality education and employability for generations to come. As the loan programme continues to expand, it is expected to further break down financial barriers and empower more young Nigerians to pursue their academic goals, contributing to the nation’s growth and development.

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