The Chairman of the House of Representatives Committee on Polytechnic and Higher Technical Education, Gboyega Isiaka, has announced that the Nigerian Education Loan Fund (NELFUND) disbursed N84.2 billion to applicants as of September 2024.
Of this amount, N27.5 billion went toward institutional facilities, while N56.7 billion was allocated for facility upkeep.
Isiaka, who represents Yewa North/Imeko-Afon Federal Constituency in Ogun State, revealed that 351,317 students had registered on the NELFUND portal, with 258,943 applying for institutional or upkeep loans, or both.
He made this known at the 36th annual conference of the Federal Government College, Maiduguri Old Students Association, held at Mitros Residences, Abeokuta, where he discussed ‘Empowering the Next Generation: Education as a Catalyst for National Development (Student Loans Access to Higher Education Act 2024 in Perspective)’.
According to Isiaka, the Students Loan Access to Higher Education Act, 2024 is designed to bridge financial gaps, ensuring that deserving students can access quality higher education. The Act removes prior disqualifications based on parents’ loan history, eliminates the guarantor requirement, and allows students to apply for loans subject to application and identity verification guidelines.
Unlike the previous 2022 bill, the new Act has removed the family income threshold, making all Nigerian students eligible for loans. Students will begin repayment two years after completing the National Youth Service Corps (NYSC), with extensions available for those unemployed, upon submission of an affidavit.
Isiaka also noted that in cases of death or other uncontrollable circumstances, the loan would be forgiven. However, those who make false statements under the loan repayment section will face felony charges, with a penalty of three years imprisonment.
He described the revival of student loans, first introduced in 1972 but later suspended, as a major shift in expanding access to affordable and quality higher education in Nigeria.
“As of the end of September 2024, the Nigerian Education Loan Fund has made tremendous progress under President Bola Ahmed Tinubu’s administration, paving the way for a brighter future for our nation’s students,” he said.
“The numbers speak for themselves: 351,317 students have registered on the NELFUND portal, out of which 258,943 have applied for either institutional or upkeep loans, or both.
“A total of N84.2bn has been disbursed to the applicants, comprising N27.5bn for institutional facilities and N56.7b for upkeep facilities.
“This is more than just a statistic—it represents hope, opportunity, and a commitment to empowering our students to succeed.”
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