NELFund banks on south-south, south-east to increase student loan uptake

The Nigerian Education Loan Fund (NELFund) has called on tertiary institutions in the south-south and south-east regions to boost participation in the student loan scheme.

During a stakeholders meeting in Abuja on Monday, the fund cited a noticeable disparity in application rates compared to other parts of the country.

The session was focused on system automation and the student loan application process.

The three-day workshop, which kicked off with universities, will continue on Tuesday with polytechnics, monotechnics, and technical institutes, and conclude on May 7 with colleges of education, agriculture, health, and nursing.

Akintunde Sawyerr, managing director of NELFund, said the workshop marks a significant milestone in the fund’s mission to deliver a fully digitised, transparent, and student-centric financial aid system.

“The meeting is intended to influence how the platform evolves and how we address practical challenges faced by institutions and students alike,” he said.

Addressing concerns over delays in disbursement and claims that loans were paid to graduates, Sawyerr stressed the importance of due process.

“We are handling government and taxpayers’ money. No disbursement would be rushed,” he said.

“If someone applied in their final year and we paid their tuition, it is their obligation to attend classes. Complaining after graduation does not negate the fact that due diligence is required to verify applicants and ensure funds go to those who truly need them.”

Also speaking, Ifeoluwa Ehindero, chairman of the house committee on student loans, scholarships, and higher education financing, said there is a need to modernise and streamline the disbursement process.

“By automating and optimising the NELFund system, we aim to create a more transparent, efficient, and responsive process for loan applications, approvals, and disbursements,” Ehindero said.

He added that while lawmakers are committed to supporting the initiative through legislative reforms, stakeholder collaboration remains critical.

“This workshop is not just a platform for training but also an opportunity for collaboration. Your insights will help refine and enhance the system,” he said.

In his presentation, Iyal Mustapha, NELFund’s executive director of operations, revealed that over 576,000 students have registered on the platform, with total loan applications amounting to over N170 billion.

Mustapha echoed calls for institutions in the south-east and south-south to improve sensitisation to ensure students benefit from the scheme.