A member of the Board of the Nigerian Education Loan Fund, Umar Faruk-Lawal, has said that the Federal Government’s student loan initiative is significantly reducing the financial challenges that have long limited access to higher education in Nigeria.
He revealed that more than N206 billion has been disbursed by the Nigerian Education Loan Fund over the past two years to support students and educational institutions across the country.
Faruk-Lawal, who represents students on the board of the agency, explained that the interest-free loan scheme introduced under President Bola Tinubu’s administration is already reshaping access to tertiary education by enabling students from low-income families to continue their studies without the burden of tuition fees and related expenses.
Speaking to journalists in Abuja on Thursday, he said the programme has improved enrollment and retention in universities, polytechnics, and colleges of education, helping many students remain in school despite ongoing economic pressures.
He noted that before the establishment of the fund, many admitted students were unable to complete their studies due to financial constraints, leading to high dropout rates.
According to him, the current system now allows students to concentrate on their academics without the constant worry of being forced out of school due to lack of funding.
He added that the initiative has opened opportunities for many young Nigerians who previously considered higher education unattainable because of financial hardship.
Faruk-Lawal also encouraged parents and guardians to support and motivate their children to take advantage of the scheme, stressing that no eligible student should be denied education due to financial difficulties.
He further cited success stories from beneficiaries, including top-performing graduates who credited the loan programme for helping them complete their studies despite economic challenges.
He described such outcomes as evidence of the programme’s positive impact on human capital development and national growth.
According to him, recent figures show that over N206 billion has been distributed to more than 1.16 million students across 270 tertiary institutions nationwide since the programme began.
He explained that a large portion of the funds went directly to institutions as tuition payments, while the remainder was provided to students as living expense support.
He expressed confidence that increased awareness of the initiative would lead to even greater participation and further strengthen Nigeria’s education sector in the coming years.
The student loan programme, established under the Student Loans Act signed by President Bola Tinubu, provides interest-free financial support to eligible students in tertiary institutions, covering tuition fees and upkeep allowances as part of efforts to reduce dropout rates and expand access to higher education.
