FG Disburses ₦50 Billion in Education Loans to Over 500,000 Students, Says NOA

 

The Federal Government of Nigeria has so far disbursed nearly ₦50 billion in education loans to support over half a million students enrolled in tertiary institutions across the country. This significant milestone was disclosed by the National Orientation Agency (NOA) through its Oyo State Director, Dr. Olukemi Afolayan, during a live broadcast on BOSENLO, a programme aired by the Broadcasting Corporation of Oyo State (BCOS) on Thursday.

The loan disbursement falls under the ambit of the Nigeria Education Loan Fund (NELFUND), an initiative aimed at expanding access to higher education by offering financial support to students in need. Dr. Afolayan revealed that more than 500,000 students have already benefited from the scheme, affirming the government's ongoing efforts to widen access to education.

“Let me tell you that over 500,000 students are currently benefiting from the scheme, with almost ₦50 billion disbursed so far,” she stated during the televised programme.

She emphasized that despite existing challenges, the government remains fully committed to ensuring a smooth and fair disbursement process. According to her, the NOA has taken on the role of actively identifying bottlenecks and reporting individuals, institutions, or agencies obstructing access to these funds. These actions are part of a broader effort to minimize corruption and improve transparency within the system.

Highlighting the importance of accountability, Dr. Afolayan reiterated the commitment of NOA’s Director General, Mallam Lanre Issa-Onilu, to upholding the integrity of the scheme. She assured students, parents, and the general public that the agency would continue to monitor the process to ensure that every qualified applicant has a fair chance of benefiting from the government’s intervention.

For students who have already applied, Afolayan provided some clarity regarding application statuses. She urged verified applicants to remain patient and hopeful as the process continues. However, she also advised those who have not been verified to reapply, encouraging persistence in navigating the application process.

In addressing the sustainability of the loan scheme, Dr. Afolayan emphasized the crucial role of repayment. “Prompt repayment of the loan as and when due is not just a responsibility; it is a necessity for the survival of the scheme,” she stated, urging beneficiaries to adhere strictly to repayment guidelines once they graduate and secure employment.

The NOA also called on members of the public to act as watchdogs of the process by reporting any misconduct or irregularities encountered. These reports, she said, would be subjected to thorough investigations, reinforcing the agency’s zero-tolerance stance on corruption.

Afolayan described the education loan programme as a beacon of hope for many young Nigerians seeking academic advancement, stressing that the Federal Government is working “assiduously” to eliminate any systemic inefficiencies that could hinder its success.

As the programme expands and impacts more students nationwide, the NOA reaffirmed its role as a key stakeholder in driving awareness and ensuring that the process remains inclusive, transparent, and efficient.

The education loan scheme, spearheaded by NELFUND, represents a critical investment in the country's future workforce, particularly in an era where the cost of education continues to rise. With a growing number of students relying on such financial support, the ongoing success of the initiative will depend heavily on collaboration among government agencies, educational institutions, and the public at large.