The Nigerian Education Loan Fund (NELFUND) has raised concerns over the low number of loan applications from students in the South-South and South-East regions, attributing the trend to widespread skepticism about the scheme’s legitimacy. Data released by the agency as of May 4, 2025, revealed only 27,098 applicants from the South-East and 37,180 from the South-South, significantly trailing behind the North-West (157,831 applicants), North-East (127,058), South-West (92,850), and North-Central (74,120).
Speaking at a three-day stakeholders’ engagement workshop in Abuja, NELFUND’s Executive Director of Operations, Iyal Mustapha, disclosed these figures while urging institutions in underrepresented regions to mobilize student participation. The event, aimed at automating loan processes and improving transparency, began with universities on Monday and will extend to polytechnics, monotechnics, and institutes on Tuesday, followed by colleges of education, agriculture, health, and nursing institutions on Wednesday.
NELFUND Managing Director Akintunde Sawyerr emphasized the scheme’s alignment with the federal government’s vision to democratize access to education, calling it a “foundation for national development.” He revealed that N53.98 billion has been disbursed to 516,212 successful applicants, with upkeep allowances paid to 485,254 students. A total of 576,058 students have registered, and the agency currently holds N170.44 billion in its coffers.
House Committee on Student Loans Chairman Ifeoluwa Ehindero stressed the need for system modernization to ensure efficient fund tracking and disbursement. “Automation is critical for transparency and accountability. Legislative efforts alone won’t suffice—we need stakeholder collaboration to refine this initiative,” he stated. National Universities Commission (NUC) representative Lawal Mohammed Faruk hailed NELFUND as a landmark policy, expressing hopes for eventual inclusion of all Nigerian students, including those in private institutions.
Despite progress, distrust persists in the South-South and South-East, with many students reportedly dismissing the loan scheme as “unreal.”
