NELFund: Kano, Borno, Benue Lead in Student Loan Applications

The Nigerian Education Loan Fund (NELFund) has released data on student loan applications, revealing significant participation from students across various states, with Kano, Borno, and Benue states emerging as the top three in terms of the number of applicants.

This development follows the launch of NELFund by President Bola Tinubu in July, under the revised Student Loan Act 2024. The act aims to eliminate financial barriers and expand access to education for Nigerian students, regardless of their economic background. The loans provided under this program cover tuition fees, maintenance costs, and other educational expenses, with repayment scheduled to begin two years after the beneficiary completes the National Youth Service Corps (NYSC) program.

According to recent data shared by NELFund on their official X (formerly Twitter) account, Kano State led the nation with 17,122 applications out of 20,814 registered tertiary students. Borno State followed closely, with 13,798 out of 16,353 registered students applying for the loan. Benue State ranked third, with 11,754 of its 16,127 registered students applying for financial assistance.

Other states with notable participation include:

• Oyo State: 14,086 registered students, with 8,990 applications.
• Kaduna State: 13,873 registered students, with 10,380 applications.
• Katsina State: 13,538 registered students, with 10,952 applications.
• Osun State: 13,368 registered students, with 8,093 applications.
• Kogi State: 12,675 registered students, with 8,400 applications.
• Plateau State: 11,624 registered students, with 9,328 applications.
• Adamawa State: 11,219 registered students, with 8,977 applications.
• Kwara State: 11,126 registered students, with 7,645 applications.
• Taraba State: 10,699 registered students, with 8,668 applications.
• Yobe State: 10,398 registered students, with 8,966 applications.
• Ogun State: 10,387 registered students, with 5,943 applications.
• Akwa Ibom State: 9,594 registered students, with 6,525 applications.
• Bauchi State: 8,358 registered students, with 6,517 applications.

Interestingly, institutions in the Southeast were notably absent from the list of beneficiaries, as the federal government recently allocated over N2.5 billion in student loans to more than 22,000 students nationwide.

The data underscores a strong demand for educational loans in the northern and central regions of the country, reflecting both the financial needs of students and the popularity of the loan program in these areas.