The Nigerian Education Loan Fund has addressed concerns regarding the absence of students from South-East institutions in its recent loan disbursements.
According to NELFUND, no higher education institutions from the South-East have responded to its requests for student verification, which is necessary for loan processing.
In response to criticisms following the release of a list detailing the 19 beneficiary institutions, NELFUND clarified on X that geopolitical zones do not influence the disbursement process. The agency stated, “NELFUND sent a verification list to every eligible institution, and payments are being made to those that have responded. Unfortunately, no responses have been received from South-East institutions so far. We encourage these institutions to complete the verification process to enable their students to benefit.”
As of the latest update, NELFUND has allocated a total of N2.9 billion in loans to 27,667 students across 19 federal universities, polytechnics, and colleges of education, excluding any from the South-East region.
In addition, NELFUND’s Managing Director/CEO, Mr. Akintunde Sawyerr, has urged Nigerian students to utilize the Student Loan Scheme, describing it as a groundbreaking initiative aimed at making higher education more accessible.
Addressing a Student Loan Sensitization Program in Port Harcourt, Sawyerr emphasized that the scheme covers tuition and living expenses, with repayment terms beginning two years after National Youth Service Corps completion, provided the graduate has secured employment or started a business.
Sawyerr acknowledged delays in loan disbursement but assured that these issues are being addressed to enhance system efficiency. He advised students to ensure their applications are complete and accurate to avoid further delays.
The revised Student Loan Act of 2024 aims to make education more accessible by removing financial barriers. The Act mandates funding through various channels, including government taxes, natural resource profits, education bonds, and contributions from individuals and organizations.
