FG Unveils ₦80 Billion Lifeline For Students, Over 400,000 Already Benefiting

Dr. Nafisat Makinde
Abuja

The Federal Government has injected over ₦80 billion into Nigerian higher institutions through its revitalised student loan programme, the Nigerian Education Loan Fund (NELFUND).

NELFUND Managing Director, Akintunde Sawyerr, disclosed this on Friday, August 8, 2025, during the two-day Renewed Hope Student Leaders Engagement at the University of Port Harcourt, revealing that the initiative has already processed more than 745,000 applications. Of these, over 400,000 students have received tuition coverage and monthly upkeep allowances of ₦20,000 each session.

Sawyerr stressed the scheme’s transparency and long-term sustainability, noting that it offers interest-free loans in two forms: institutional loans paid directly to schools, and upkeep loans for students. Under the revised law, NELFUND can now attract private contributions from philanthropists, NGOs, and education-focused donors.

The Senior Special Assistant to the President on Students Engagement, Asefon Dayo, described the loan scheme as a crucial bridge between government and students, reducing dropout rates and fostering entrepreneurship. He confirmed that 15 schools have received funds to set up innovation hubs and entrepreneurship centres.

Dayo urged student leaders to seize the opportunities, spread awareness, and ensure equal access to the benefits nationwide — a step he said aligns with President Bola Tinubu’s broader education and youth development reforms.