Our Managing Editor, Ekuson Nw’Ogbunka, critically examines the National Assembly’s collaboration with the Nigerian Education Loan Fund (NELFUND) to expand access to education financing for national transformation.
The National Assembly on Monday teamed up with the Nigerian Education Loan Fund, NELFUND, to push for a major expansion of the student loan scheme from 1.6 million direct beneficiaries to 7 million across tertiary institutions and vocational centres.
The move was announced at a one-day national sensitization programme on Student Loans organized by the Senate Committee on Tertiary Education and TETFUND in collaboration with NELFUND.
Managing Director of NELFUND, Akintunde Sawyerr, said the scheme has already disbursed ₦282 billion, with 1.6 million Nigerian students benefiting directly since inception.
Sawyerr explained the ripple effect: “If we consider that the average Nigerian family consists of about five people, it means we are directly and indirectly impacting nearly 10 million lives.”
He added that NELFUND’s planned expansion into skills acquisition, technical and vocational education and training, TVET, will push coverage to an estimated 50 million beneficiaries.
Deputy President of the Senate, Senator Barau Jibrin, described the sensitization as timely, noting that many indigent Nigerians are still waiting for the intervention.
“No matter how beneficial a programme is, if the intended beneficiaries are not adequately informed about it, its impact will be limited,” Barau said. He called for the campaign to be taken to all six geo-political zones.
According to him, people need to understand what the programme entails and how they can access it, which is the core purpose of the sensitization drive.
Chairman of the House Committee on Students Loans, Scholarships and Tertiary Education Financing, Hon. Ifeoluwa Eyindero, also called the sensitization timely and important for deepening understanding.
Eyindero highlighted NELFUND’s achievements: “The Fund has recorded the remarkable achievement of reaching over 1.5 million beneficiary students and disbursing more than ₦282 billion to support Nigerian scholars.”
Sawyerr reiterated the current reach, stating that 1.6 million students have directly benefited and that the real impact extends to about 10 million Nigerians when families are counted.
He then appealed to stakeholders: “We are appealing to stakeholders on the need to expand the student loan scheme to target up to 7 million beneficiaries across Nigerian tertiary institutions and vocational centres for required driving and real national transformation.”
The expansion plan, he said, is designed to move beyond universities and polytechnics to include skills and vocational training, equipping youths with employable competencies.
Earlier, Chairman of the Senate Committee on TETFUND, Senator Muntari Dandutse, said the collaborative sensitization aligns with the committee’s constitutional oversight and commitment to equitable access to education.
With legislative backing and NELFUND’s implementation roadmap, the student loan scheme is now being positioned as a key tool for democratizing education and reducing financial barriers for millions of Nigerian students.
