We receive over 1,800 loan applications from students daily – NELFUND

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr, has disclosed that the Fund now receives an average of 1,800 student loan applications daily, following the impact of its sensitisation programme.

He, however, assured stakeholders that the high volume of applications would not compromise the Fund’s standards.

Sawyerr gave the assurance in Abuja on Tuesday during the Stakeholders’ Engagement Session and Technical Workshop on the Fund’s System Automation and Loan Application Processes.

He reaffirmed the Fund’s commitment to providing inclusive access to loans for all students admitted through the Joint Admissions and Matriculation Board (JAMB).

His remarks came in response to concerns raised by stakeholders from technical institutions, particularly those offering two-phase diploma programmes, regarding their students’ inability to access the loan within their academic timelines.

While acknowledging initial challenges, he emphasised NELFUND’s determination to close existing gaps and ensure that technical students can access loans promptly.

“For too long, many technical students have faced steep financial barriers. Some drop out. Others never apply. This is the gap we’re here to close.

“When you launch a project of this magnitude, you do all the preparation you can, then release it into the marketplace to observe the level of engagement and issues, and then refine it.

“This isn’t just about teething problems; it’s about ensuring that the system evolves with feedback, technology, and user needs,” Sawyerr said.

The workshop, which brought together representatives from polytechnics, monotechnics, and technical institutes, focused on the automation of NELFUND’s loan application and processing systems.

The NELFUND boss described technical institutions as “the engine rooms of innovation and expertise”, calling the workshop a pivotal step in bridging the educational financing gap.

He stressed that NELFUND’s mission goes beyond disbursement—it is about enabling equitable opportunities.

“We want access without stress, transparency and trust, and partnerships with purpose,” he told participants.

He also commended the National Board for Technical Education (NBTE) for its role in regulating the sector and called for continued collaboration in integrating institutional systems with NELFUND’s processes.

“At the heart of all this is a student—a young Nigerian with dreams, ambition, and the courage to pursue them. Everything we do must serve that student,” he said.

“It’s a loan, not a giveaway. Students must make informed decisions about when and why to take it. It’s not just about getting a loan—it’s about investing in a path that propels your future.”

Speaking on the latest data, he revealed that NELFUND has recorded approximately 570,000 registrations, with over 515,000 applicants completing the process.

He added that daily applications now average around 1,800, reiterating that the speed of applications would not compromise standards.

“We aim to process loans as quickly as is safe for the Fund. We are managing government and stakeholder funds and must conduct thorough due diligence,” he said.

In a presentation, the Fund’s Executive Director of Operations, Mr Iyal Mustapha, urged higher institutions to prioritise data accuracy, timely verification, and effective communication with students.

Mustapha highlighted the agency’s three-pronged mission: reducing the financial burden on students, promoting access to education for all qualified Nigerians, and ensuring prompt disbursement of institutional charges to schools.

According to him, students must first apply via the dedicated portal. Once applications are submitted, NELFUND checks for eligibility and sends the list of applicants to their respective institutions for verification.

He added that only after confirmation from the institutions will funds be disbursed directly to them for tuition and other charges.

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He further noted that upkeep allowances are paid directly into students’ bank accounts.q