NELFUND Disburses N3.3bn to 1.5 Million Students, Urges Beneficiaries to Embrace Digital Skills

Our Reporter 

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Dr. Akintunde Oluwole Sawyer, has disclosed that the agency has disbursed over N3.3 billion in education loans to about 1.5 million students across tertiary institutions in Nigeria since the scheme commenced in 2024.

Sawyer made the disclosure, weekend, during the Renewed Hope Student Leaders Engagement and Digital Acceleration Programme organised by the Office of the Senior Special Assistant to the President on Students' Engagement at the Central Bank Hall, University of Nigeria, Enugu Campus (UNEC).

The programme, which targeted students from tertiary institutions across the South-East, was designed to equip participants with digital skills, innovation, and entrepreneurship competencies.

Speaking on the NELFUND initiative, Sawyer described the education loan scheme as a flagship intervention of President Bola Ahmed Tinubu's administration aimed at ensuring that financial constraints no longer prevent qualified Nigerians from completing tertiary education.

He revealed that the Fund had received about 1.7 million applications, with 1.5 million successful disbursements, stressing that the loan attracts zero interest and repayment begins two years after beneficiaries complete the National Youth Service Corps (NYSC), through deductions from their salaries.

According to him, repayment obligations are suspended if a beneficiary loses employment, while those who do not require the loan should not apply.

Sawyer urged students to take advantage of the scheme where necessary, noting that education, digital innovation and exposure remain critical to Nigeria's future competitiveness.

Representing the Minister of Innovation, Science and Technology, Dr. Sunday Udeh, the Public Relations Officer of the Projects Development Institute (PRODA), Dr. Ijeoma Eze, said the Federal Government was committed to repositioning Nigeria as an innovation-driven and technology-powered economy through initiatives such as NELFUND, HOPE-EDU, TVET and other educational programmes.

The Minister said the Digital Acceleration Programme was a strategic investment in human capital development designed to prepare students for opportunities in artificial intelligence, robotics, cybersecurity, data science, software development and other emerging technologies.

He urged students to embrace innovation, entrepreneurship and continuous learning, stressing that the future belongs to creators, problem-solvers and digitally skilled entrepreneurs rather than certificate holders alone.

Earlier, the Senior Special Assistant to the President on Students' Engagement, Hon. Comrade Asefon Sunday, said the programme was aimed at strengthening collaboration between government and students while equipping young Nigerians with digital competencies required for the evolving global economy.

He noted that the initiative also seeks to inspire a new generation of student leaders capable of leveraging technology to solve societal challenges, create employment and contribute to national development.

Delivering the keynote lecture, a lecturer and researcher in the Department of Computer Science/Informatics at Alex Ekwueme Federal University, Ndufu-Alike, Dr. Ifeanyi Achi, encouraged students to embrace technology, innovation and entrepreneurship by identifying areas of interest such as artificial intelligence, data analytics and cybersecurity.

He said innovation improves efficiency, enhances competitiveness, promotes sustainability and creates solutions to societal challenges, urging participants to cultivate the willingness to transform ideas into impactful ventures.

Many of the participating students received free laptops at the event, courtesy of the organisers.