National Assembly, NELFUND push expansion of student loan to 7m beneficiaries

The National Assembly on Monday pledged support for the expansion of the Nigerian Education Loan Fund (NELFUND) scheme, with stakeholders targeting an increase in direct beneficiaries from 1.6 million to seven million as part of efforts to drive national transformation.

The push for expansion came during a one-day national sensitisation programme on student loans organised by the Senate Committee on Tertiary Education and TETFund in collaboration with NELFUND.

Speaking at the event, Barau Jibrin, the Deputy Senate President, said the sensitisation campaign was timely, noting that many indigent Nigerians were still waiting to benefit from the intervention.

He said, “No matter how beneficial a programme is, if the intended beneficiaries are not adequately informed about it, its impact will be limited.

“People need to understand what the programme entails and how they can access it. That is exactly what this sensitisation campaign is all about and should be taken round the entire six geo-political zones,” he said.

Akintunde Sawyerr, Managing Director of NELFUND, disclosed that the scheme had so far recorded direct benefits for about 1.6 million Nigerian students, translating into an estimated 10 million lives impacted when family members are taken into account.

According to him, the programme has disbursed about ₦282 billion and is poised for further expansion beyond conventional tertiary education to include skills acquisition, technical and vocational education and training.

“Today, 1.6 million Nigerian students have directly benefited from the NELFUND scheme. 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.

“We are, however, appealing to stakeholders on the need to expand the student loan scheme to target up to seven million beneficiaries across Nigerian tertiary institutions and vocational centres for the required driving force and real national transformation,” he said.

Sawyerr added that the planned expansion into skills acquisition and technical and vocational education would ultimately extend the programme’s reach to about 50 million beneficiaries nationwide.

Ifeoluwa Ehindero, the Chairman , House Committee on Students Loans , Scholarships and Tertiary Education Financing, described the sensitisation programme as both timely and important, saying it would deepen public understanding of opportunities available through the scheme.

“This sensitisation programme is both timely and important, as it helps create awareness and deepen understanding of the opportunities available to students through the scheme.

“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,” he said.

In his welcome address, Muntari Dandutse, the Chairman , Senate Committee on TETFUND, said the collaborative sensitisation programme was part of the committee’s constitutional oversight responsibilities and its commitment to ensuring equitable access to education for all Nigerians.

He noted that the programme was designed to strengthen awareness of the student loan initiative and encourage greater participation among eligible beneficiaries across the country.

Stakeholders at the event stressed that wider awareness of the scheme would be critical to achieving its expansion targets and ensuring that more students from disadvantaged backgrounds gain access to tertiary and vocational education.