The Rector, Federal Polytechnic, Ede, Osun State, Dr. Sani Man Yahaya, has commended the administration of President Bola Tinubu for the foresight and ingenuity behind the introduction of the National Education Loan Fund popularly known a NELFUND.
Yahaya said the initiative has revolutionised the education sector and made it impossible for any interested students to miss higher education on account of financial challenges.
NELFUND as a policy initiative was introduced by President Tinubu’s administration to ensure that no student drops out of school due to poverty.
The President signed the Student Loans (Access to Higher Education) Act 2024, to formally establish the Nigerian Education Loan Fund on April 3, 2024.
Through the initiative, students who applied for the fund get their accounts credited with the amount charged as tuition fee in their various schools, while they also get a monthly stipend from the Federal Government.
The lump sum is paid into the account of the institutions, which then disburses it to the students.
The program provides financial support to students by bridging the financial gap, enabling them to pursue their education without financial burdens.
The Ede Poly Rector, while providing an update regarding the initiative in his institution, in a statement signed by the Ag. Director, Information, Protocol and Public Relations of the polytechnic, Sola Lawal, obtained in Osogbo on Friday, said since inception, about 1,552 students of the institution had benefited.
“The scheme has expanded access to quality education among Nigerian students, especially indigent students of low means of survival. With the introduction of Nelfund, no students would be deprived of higher education again as a result of financial constraints.
“Two batches of payment have been received by our institution. In the 2023/2024 academic session, 583 students benefited from the loans, amounting to N34, 769,341.10.
“In 2024/2025, a total of 969 Students received a sum of N65,453,430.00 from NELFUND. We appreciate the Federal Government and tell the students’ populace that the process of disbursement is still ongoing,” Man Yahaya said.
He advised beneficiaries of the Nelfund loans to reciprocate the gesture of the Federal Government by ensuring a hitch free academic session in the institution, charging them to be good ambassadors of the polytechnic wherever they found themselves.
The Nigerian Education Loan Fund had on Friday, August 14, 2024, said it has disbursed a total of N2,946,927,155 in student loans to 27,667 students from 19 institutions nationwide.
It also said students from 22 state-owned tertiary institutions had been cleared to apply for student loans after a review by the committee for the Student Verification System, which brought the total number of approved state institutions to 108.
The full list of approved institutions and the approved amount paid:
University of Maiduguri — N589,001,500
University of Ibadan –N201,114,650
University of Ilorin — N52,897,890
University of Benin — N24,412,500
Federal University, Dutsin-Ma — N304,961,800
Bayero University, Kano — N853,775,000
Federal College of Education, Abeokuta — N1,945,700
Federal University of Technology, Minna — N62,928,600
Obafemi Awolowo University, Ile Ife — N50,414,000
Federal Polytechnic, Ilaro — N8,347,465
University of Lagos — N122,494,400
University of Jos — N209,320,000
Federal College of Education (Technical), Gusau –N15,600,200
Federal College of Education (Special), Oyo — N18,502,500
Federal University, Dutse — N207,106,000
Federal University, Birnin-Kebbi — N130,002,800
Modibbo Adama University, Adamawa — N83,837,850
Federal Polytechnic, Bauchi — N7,218,800
Federal Polytechnic, Mubi — N2,045,500
