On Wednesday, the Nigeria Education Loan Fund (NELFUND) announced a noteworthy achievement: receiving an unprecedented number of student loan applications within a 24-hour period since the launch of its online portal on May 25, 2024.
According to a statement issued by the fund in Abuja and
shared with our correspondent, NELFUND recorded an impressive 9,687 student
registrations, resulting in 7,975 completed loan applications on August 7,
2024.
This remarkable surge in interest underscores the pivotal
role NELFUND plays in facilitating access to higher education for students
grappling with financial constraints. The substantial number of applications
further emphasizes the pressing need for financial assistance among Nigerian
students.
“Since the portal’s opening, NELFUND has seen a steady
influx of applications, demonstrating the importance of its mission to support
students struggling with tertiary education financing. This achievement aligns
with President Bola Ahmed Tinubu’s vision and actions,” the statement said.
NELFUND strongly encourages qualified students facing
financial challenges to take advantage of this opportunity.
The fund’s simplified application process is designed to be
user-friendly, with a dedicated support team available to assist applicants.
For the first time, on Wednesday, July 31, 2024, NELFUND
released data supporting disbursements of student loans. This move, according
to the Managing Director, Akintunde Sawyerr, is to ensure accountability.
The Student Loan Scheme, a flagship initiative of President
Bola Tinubu, aims to revolutionize the education sector.
Shortly after assuming office, President Tinubu enacted the
Access to Higher Education Act, establishing a legal framework for providing
loans to financially disadvantaged Nigerians.
This act, recently reenacted, led to the creation of the
Nigerian Education Loan Fund (NELFUND). NELFUND is responsible for managing
loan applications, grants, disbursements, and recoveries.
As outlined in the act, the fund draws its resources from
various sources and engages in productive activities.