SIR: Education is the bedrock of national development, and investing in it is crucial for driving a highly-skilled workforce, manpower development, economic growth, innovation, and competitiveness.
A well-funded education system will stimulate inclusion and equality, poverty reduction, and improved social and economic outcomes, thereby impacting favourably on quality of life.
Due to good funding of the education sector, developed countries like the United Kingdom, United States of America, France, Canada, Germany, Russia, Sweden, Australia, Finland, Singapore, Malaysia, and South Korea are making economic gains as top destinations for citizens from developing and underdeveloped countries seeking qualitative education.
According to aca-secretariat.be, a study commissioned by the Higher Education Policy Institute (HEPI) and Kaplan International Pathways, a single cohort of international students would contribute 3.2 billion pounds to the UK economy through income tax and National Insurance payments over 10 years – excluding the billions in tuition fees.
The figure would be higher when we benchmark the 2.9 billion pounds paid by foreign students as tuition, accommodation and other fees in the 2018/2019 academic year alone. The economic benefits of education are a big spur for the UK government, with a projection to increase education exports to 35 million pounds every year until 2030.
While the intent is not for Nigeria to make education a trade commodity, the benefits of a well-funded and well-run education system cannot be over-emphasised, including stemming the migration of young people.
This is why the launch of the interest-free and flexible repayment Nigerian Education Loan Fund (NELFUND) for students in the country’s tertiary institutions is highly commendable.
Within the first year of its launch by President Bola Tinubu, the student loan programme has become a game-changer, bridging the funding gap for thousands of students and demonstrating the country’s genuine commitment to the importance of prioritising education funding as a key national development strategy.
Since launch of the loan portal on May 24, 2024, the NELFUND student loan programme has disbursed over ₦86.3 billion in tuition fees and upkeep allowances for almost 450,000 students in 218 tertiary institutions across Nigeria’s 36 states and the Federal Capital Territory.
Not only has the interest-free loan broken down financial barriers to education for the beneficiaries, parents and institutions, it ensures focus on academic goals and promotes an improved teaching and learning environment.
The NELFUND portal as of September 1st, 2025 showed that 775,976 students have registered on the loan portal, while 778,162 have successfully applied for either the school fees loan or upkeep allowance or both loans – representing a 100 per cent application success rate.
The NELFUND student loan scheme’s positive impact on tertiary institutions includes ensuring guaranteed and timely tuition payments, enabling them to plan and invest in infrastructure and faculty, improving the overall quality of education. Institutional recognition of the scheme’s value has increasingly been expressed in letters of appreciation to NELFUND.
As a catalyst for national development, this innovative approach to education funding has increased access to education, improved the overall quality of education, and empowered students to become future job creators and entrepreneurs. For beneficiaries, the NELFUND loan has provided not just financial relief but a foundation for future planning, and as a stepping stone toward fulfilling their ambitions after leaving school.
I am proud to lead an initiative that is transforming the landscape of education funding in Nigeria. I indeed feel a sense of pride in the impact of the student loan programme on students, parents and tertiary institutions in the last one year.
The NELFUND student loan programme has become a beacon of hope for thousands of Nigerian youths and their families because they no longer have to worry about payment of school fees and providing upkeeps.
By providing steady education financial assistance, many more of our youths are enrolling for higher education, students now focus on their studies, while parents are relieved of the financial burden of keeping them in school.
By paying tuition fees directly from NELFUND, institutions are now being supported to plan and manage their resources efficiently, while Nigeria’s education system has been significantly invigorated.
The impact of the NELFUND student loan programme in the last one year highlights the importance of prioritising education funding in national development strategies.
Governments, policymakers, and stakeholders must recognise the critical role that education plays in shaping the future of a nation. By investing more in education, we can increasingly equip students with the skills and knowledge they need to drive economic growth, innovation, and competitiveness.
As we continue to prioritise education funding and explore innovative approaches to driving education outcomes, we can build a brighter future for Nigeria’s education sector and empower the next generation of leaders.
Akintunde Sawyerr is the managing director/chief executive at the Nigerian Education Loan Fund (NELFUND).
