Student Loan: Nigerian govt targets 300,000 beneficiaries in 2024

The Nigerian government has said 250,000 to 300,000 students in tertiary institutions are expected to benefit from its Student Loan Scheme in 2024.

The Managing Director of the Nigerian Education Loan Fund, NELFUND, Akintunde Sawyerr, disclosed this in an interview with Channels Television on Monday.

Sawyerr said the N60 billion fund loan scheme can counter two million Nigerian students in various higher institutions in the country.

He explained that the facility is open to only those already in higher institutions.

“Currently today in tertiary institutions across the board including the private sector, there are about 2 million people. This loan is open to those who are already in the institutions. This is not about those coming in only. This is about if you apply for a loan today, for the next session, you will get it.

“Arguably, we can give everybody a loan. The funds are available to make for us to cover those sorts of numbers over time.

“This year we expect to have 250 to 300,000 applicants from the academic side. We are going to have less than that for the vocational side because we are just kicking that process off,” Sawyer said

Recall that NELFUND which opened its portal for application on May 24, 2024, recently approved the disbursement of N35 billion to 70,000 successful applicants.