Group Hails NELFUND as Beneficiaries Hit 1.16 Million in 23 Months

Group Hails NELFUND as Beneficiaries Hit 1.16 Million in 23 Months

JOEL OLADELE, Abuja

The Tinubu Media Support Group (TMSG) has applauded the Nigerian Education Loan Fund (NELFUND) for reaching over one million beneficiaries within 23 months of its launch, describing the achievement as a major milestone for the country’s education sector.

In a statement jointly signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the student loan initiative had emerged as one of the key pillars of the Renewed Hope agenda of President Bola Ahmed Tinubu’s administration.

According to the group, NELFUND has recorded a total of 1,164,222 beneficiaries since it was launched in April 2024, providing financial support to students who might otherwise have been unable to pursue tertiary education.

“It is gratifying to note that in less than two years of its launch, the Nigerian Education Loan Fund has disbursed N206.29 billion in student loans to 1,164,222 beneficiaries,” the statement read in part.

The group described the development as remarkable, noting that the agency had little institutional structure to build on when it was created within the early months of the Tinubu administration.

TMSG recalled that the president had pledged to introduce a student loan programme aimed at ensuring that indigent students were not denied access to higher education due to financial constraints.

“We acknowledge that on assuming office, the President vowed to keep to his promise of introducing student loans to ensure that indigent students are not denied access to tertiary education,” the group said.

It added that Tinubu signed the initial student loan bill passed by the previous National Assembly shortly after taking office, before approving a revised and more comprehensive version passed by the 10th National Assembly in March 2024.

According to the statement, the updated legislation expanded the scope of the scheme to include both tuition fees and upkeep allowances for beneficiaries.

Providing a breakdown of the disbursement, the group said N128.84 billion had been paid directly to 270 participating institutions as tuition fees on behalf of more than 1.16 million students, while N77.45 billion had been released to beneficiaries as upkeep allowances.

“This is a verifiable and measurable effort by a government determined to ensure that no Nigerian is left behind in the pursuit of higher education,” the group stated.

TMSG expressed optimism that the number of beneficiaries would increase significantly before the end of the administration’s first term, noting that growing confidence among students had boosted participation in the programme.

“For the avoidance of doubt, the loans remain interest-free and repayment will only begin two years after beneficiaries complete the National Youth Service Corps and secure employment,” the group added.

The group also commended the management of NELFUND for what it described as proactive efforts in countering misinformation about the scheme.

It urged Nigerians to continue supporting the policies of the Tinubu administration, expressing confidence that more people-oriented programmes would be implemented across sectors of the economy.