Aishat Ayantunji
In a significant effort to address the financial challenges faced by Nigerian students, the Federal Government has launched the Nigeria Education Loan Fund (NELFUND). This innovative initiative, led by President Bola Ahmed Tinubu's administration, offers interest-free loans to students, facilitating access to quality education without financial barriers.
NELFUND provides comprehensive support that covers tuition fees, personal expenses, and a monthly upkeep allowance of ₦20,000. According to Mr. Ajibose, the NELFUND Desk Officer at Ogun State Institute of Technology, Igbesa, the program aims to eliminate the economic obstacles that often hinder students from realizing their academic aspirations.
The application process is straightforward, requiring students to meet specific criteria, including a valid JAMB registration number, matriculation number, and consistent personal details (such as date of birth) across JAMB, National Identification Number (NIN), and O'Level records, as well as valid NIN and BVN credentials. To apply, students are directed to create an account on the NELFUND portal using their email and can complete the application process in under 30 minutes. Since its launch, this opportunity has proven to be life-changing for several beneficiaries.
According to Tumise, a Mass Communication student, she has received her NELFUND payment. She revealed that four students in her hostel applied on the same day, stating, “I was so excited when I received the upkeep, but we are still expecting the school fees.” Another student, who prefers to remain anonymous, a Business Administration major, shared her experience: “I almost dropped out because I couldn't afford my tuition fee. NELFUND saved me, and now I can focus on my studies.”
Similarly, a first-year Engineering student expressed his gratitude, saying, “This loan gave me a lifeline. It paid my school fees and provided upkeep funds.” Despite these benefits, some students remain hesitant due to fears about repayment obligations. Raji Rasheedat, a Mass Communication student, voiced her concerns, stating, "I’m worried I might not be able to repay the loan after graduation."
However, Mr. Ajibose reassured students by explaining the program's graduate-friendly repayment terms: "Repayment begins two years after NYSC, only if you're employed, and it’s just 10% of your monthly salary. If you’re unemployed, there’s no obligation to repay." He also provided a list of matriculation numbers for students whose tuition fees have already been processed by NELFUND, explaining, “The next step is to transfer the school fees to each student’s portal to complete the payment.”
"This initiative is a game-changer. It ensures students can concentrate on their studies without financial worries. I strongly encourage all eligible students to apply,” he said. The program is designed for long-term impact, with a repayment model that supports sustainability.
Mr. Ajibose also shared a remarkable example of a borrower from 1975 who completed repayment in 2024, highlighting the fund’s enduring legacy. Students can apply by visiting nelfund.gov.ng. With NELFUND, the Federal Government is reaffirming its commitment to education and youth empowerment, paving the way for a brighter, more prosperous future for Nigerian students.
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