Student Loan Approvals to be Issued in Three Weeks, Says FG

Over 100,000 students who have applied for loans under the Nigerian Education Loan Fund (NELFUND) will receive approvals within three weeks, according to official statements.

NELFUND spokesperson, Mr. Nasir Ayiyogo, told Vanguard that the application process is proceeding smoothly. “The applications are ongoing smoothly. No loan has been disbursed yet, but applicants will start receiving approvals in less than three weeks. The loan amounts will cover 100% of each institution’s charges,” he stated.

NELFUND Managing Director, Mr. Akintunde Sawyerr, provided an update, noting that successful applications will now undergo approval evaluation. “About 60,000 have registered on the platform, and around 30,000 have successfully applied for the loan. However, this does not mean they have been approved yet. The next phase is evaluation,” he explained.

Sawyerr highlighted the significant demand for financial assistance among students and assured that NELFUND is committed to addressing this need. He also mentioned collaboration with security agencies to prevent abuse of the program, ensuring that applicants with criminal intentions will be identified.

Currently, only students from federal tertiary institutions have applied. State-owned institution students can begin applying from the 25th of this month. Private institution students are currently excluded from the scheme.

The rush for applications has been attributed to the nation’s economic conditions. National Parent Teacher Association of Nigeria (NAPTAN) President, Alhaji Haruna Danjuma, remarked, “The rush for loans indicates the poor state of the economy and the desperation of some applicants. Many parents struggle to pay tuition fees as they face job losses and underemployment.”

Danjuma advised applicants to use the loans wisely and urged those engaged in petty trading or business to continue their efforts. He also expressed disappointment that parents were not consulted before the scheme’s launch.

In related news, NELFUND will launch a comprehensive skills acquisition program in vocational and technical fields in the last quarter of the year. This initiative, initially not designed to support artisans, was expanded on President Bola Tinubu’s orders to equip youths with practical, market-relevant skills.