Hope is in, but the big boost is still waiting.
The Nigerian Education Loan Fund says the money President Bola Tinubu promised from assets recovered by the EFCC has not landed in its account, even as thousands of students scramble for help.
Managing Director Akintunde Sawyerr made the disclosure yesterday during a national television interview, as NELFUND confirmed that demand for its interest-free loans has exploded across public universities, polytechnics and colleges.
Demand crushes the system
Sawyerr described the rush as “overwhelming.”
“For many students, this programme came as a rescue,” he said. “A lot of people have struggled to get into these institutions. They are hanging on by the skin of their teeth to stay, and this loan gave them breathing space.”
He said the Fund has already paid out N162 billion in upkeep allowances, money that is keeping students in lecture halls instead of dropping out. Internal research, he added, shows dropout rates have fallen by 20 per cent since disbursements began.
Billions out, but EFCC windfall still missing
The loan scheme was set up under the Student Loans Act signed in April 2024. It covers tuition and upkeep, with repayment starting two years after NYSC.
Earlier this year, the President announced that funds recovered by the EFCC would be channeled to NELFUND to expand the pool. Students and parents cheered.
But Sawyerr poured cold water on expectations.
“The funds have not yet been received by NELFUND,” he said, while noting that the team is still analyzing disbursement data to plan for the next phase. He also dismissed claims of political bias, calling allegations that APC children were favored “completely ridiculous.” The system, he insisted, runs without regard to party or background.
A loan built for all, not just the poor
Sawyerr defended the decision not to limit the scheme to students classified as indigent.
“You need to start treating Nigerian youths as adults,” he argued. “The fact that they come from a wealthy family, or may inherit one day, does not preclude them from needing support now.”
He said repayment will be tied to ability to pay, and that as tracking systems improve, beneficiaries will become easier to trace. For now, NELFUND says it is relying on school data and established processes to identify students who truly cannot pay.
With demand still climbing, all eyes are on Abuja to see when the EFCC recovered funds will finally hit the loan purse.
