- Tinubu Won’t Let Poverty Deny Nigerians Education – NELFUND Boss
- Sawyerr says Tinubu prioritises education over poverty barriers
- Daily loan applications show rising demand among Nigerian youths
The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund, Akintunde Sawyerr, has said President Bola Tinubu remains committed to ensuring that poverty does not prevent Nigerian youths from accessing tertiary education.
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EKO HOT BLOG reports that Sawyerr disclosed that the Federal Government has disbursed a total of ₦174 billion to more than 800,000 students across 263 tertiary institutions since the launch of the student loan scheme in May 2024. He made this known on Tuesday during a sensitisation programme organised by the Ogun State Institute of Technology, Igbesa, in Ado Odo Ota Local Government Area of Ogun State.
Providing a breakdown, the NELFUND chief said over ₦100 billion was paid directly to institutions for students’ tuition, while about ₦70 billion was disbursed to beneficiaries as monthly upkeep. According to him, each student receives ₦20,000 monthly to support living expenses throughout the academic session.
“As of this morning, we have disbursed ₦174 billion. Over 800,000 students have benefited so far. We have disbursed more than ₦100 billion directly to institutions and about ₦70 billion to students as upkeep, ₦20,000 per month, paid every month,” Sawyerr said.
He revealed that the fund receives between 5,000 and 7,000 applications daily, noting that the growing demand reflects the relevance of the scheme among Nigerian youths. He added that funds are paid directly into institutions’ accounts to ensure transparency.
Explaining the rationale behind the initiative, Sawyerr said President Tinubu considers education the most effective tool against poverty. “Education is one of the topmost priorities of President Bola Tinubu. He does not want any Nigerian to be deprived of qualitative tertiary education due to financial difficulties,” he said.
Also speaking, the Rector of the Ogun State owned ICT polytechnic, Dr Abiodun Oluseye, described the scheme as an unprecedented investment in education. He disclosed that over 200 students of the institution had already benefited, while more than 400 had applied for the 2025 2026 academic session.
Representing the Olu of Ilaro and Paramount Ruler of Yewa land, Oba Nosiru Teslim Olayemi praised the initiative, urging students to remain focused and make good use of the opportunity.
The student loan scheme provides interest free loans, with repayment expected two years after graduation and upon securing employment.
