Report that the Nigerian Education Loan Fund (NELFUND) has within 24 months disbursed loans in excess of N206 billion to no fewer than 1.16m students across 270 higher institutions across the country is heartening. It is remarkable, particularly given that many of the beneficiaries could otherwise have been deprived of opportunities to acquire higher education on account of lack of funds. The Managing Director of NELFUND, Akintunde Sawyerr recently affirmed that eligible applicants will continue to benefit from the scheme to enable them navigate financial barriers through interest-free loans with flexible repayment conditions.

The NELFUND initiative, no doubt, is emerging as a timely intervention for which the administration of President Bola Ahmed Tinubu would be remembered. From all indication, NELFUND is coming across as a departure from the institutional failure that has characterised the implementation of previous social intervention programs.

For this reason, efforts should be intensified to ensure that the intervention is sustained beyond the lifespan of the current administration. To make this a reality, the federal government should consider strengthening NELFUND’s institutional framework towards consolidating the laudable initiative for the benefit of millions of citizens who are desirous of financial support to push through with their academic pursuits.

The success of NELFUND, to some extent, will change the narrative of public distrust which is capable of rekindling hope in social intervention initiatives of government. Sustainable development becomes mere rhetoric without workable social intervention programs that provide tangible relief for the citizens towards fulfilling individual aspirations; particular with respect to human capital development. It is pertinent therefore to reiterate that the tangible impact of the NELFUND initiative has brought succour to millions of beneficiaries across campuses of tertiary institutions in the country and provided reliefs to a number of parents and guardians. Therefore, those charged with the responsibility of administering the scheme should appreciate that the intervention has become a national agenda for which millions of direct and indirect beneficiaries invest hope that must be kept alive through effective implementation.

Recently, a first-class graduate of Ladoke Akintola University (LAUTECH) Ogbomosho in Oyo State, Oladepo Caleb Olugbenga, who emerged the Overall Best at the 2026 convocation attributed his academic feat to the financial support he secured through the NELFUND initiative.

Similarly, the National Association of Nigerian Students (NANS) has, on a number of occasions, commended the government for prioritising education through the student loan initiative. No doubt, the umbrella student body is in a good position to appreciate the impact of any intervention aimed at providing financial assistance to students, amidst the prevailing economic challenges in the country.
It is also expected that state government will take a cue from the model of NELFUND by investing in social intervention programs that will positively impact on human capital development in their domains.

NELFUND was established through the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act of 2024 which was signed into law on April 3, 2024. Although the initiative initially elicited scepticism, the opening of the loan portal on May 24, 2024 has enabled eligible students to access the loan, marking the turning point for the story of legacy intervention.

Notwithstanding the success so far recorded with the implementation of the scheme, it is compelling to note that millions of potential beneficiaries in tertiary institutions across the country are yet to take advantage of the scheme apparently on account of lack of access to required information or administrative lapses from the tertiary institutions which are expected to play crucial intermediary role in vetting eligible students and the eventual disbursement of funds to successful applicants. It is therefore necessary that the processing of requirements for NELFUND loans should be tightened and devoid of administrative bottlenecks as more applicants are expected to be interested in the scheme going by the impressive testimonies from beneficiaries.

Sawyerr is right to insist on strict institutional guidelines and due process compliance to ensure that the laudable objectives of the initiative are sustained over time. It should be pertinent therefore to recall the history of the administrative as well as operational inadequacies that bedeviled previous student loan schemes in Nigeria. Adhering to guidelines as well as necessary oversight by relevant agencies of government will help avoid a repeat of the ugly experiences under the Nigerian Student Loans Board which was established in 1972 by Decree 25 as well as the Nigerian Education Bank Act of 1993 which never saw the light of the day.

It would therefore be in the overall interest of the country and the education sector if the present as well as future beneficiaries of NELFUND comply with the terms and conditions attached to the interest-free loan. Beneficiaries should not see the scheme as the proverbial national cake that should be subject to wanton default and abuses. NELFUND implementation can only succeed with time and become a legacy that will meet the need of future generations of students when beneficiaries and stakeholders adhere to the rules and regulations governing the scheme.