News

NELFUND Receives 745,000 Student Loan Applications, 2,700 In 24 Hours

Published

9 months ago

August 8, 2025

Editor

The Nigerian Education Loan Fund said it received over 745,000 applications for its interest-free student loan scheme, with 2,700 of the requests submitted in the last 24 hours.

Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr, disclosed this at the two-day Renewed Hope Student Leaders’ Engagement, organised by the Office of the Senior Special Assistant to the President on Students’ Engagement in partnership with the Rivers State Government, held at the University of Port Harcourt on Friday.

He said, “So far, we have over 745,000 Nigerians who have applied for this loan. Out of this number, we have over 400,000 students who are benefiting from this loan.

“They have their school fees paid at the tertiary level, and some of them who have applied for upkeep are receiving N20,000 per month, per session.

“So far, we have disbursed over N80 billion to Nigerian institutions and Nigerians who are benefiting from the loan.

“We are receiving applications. In the last 24 hours, we had 2,700 applications. We are processing them.”

Sawyerr further said the law establishing NELFUND was recently repealed and re-enacted to allow funding from non-governmental sources.

“In other words, people who want to contribute to the fund from outside government, whether they are philanthropists, general donors, NGOs, people with special interest in education, they can bring their money into that fund for it to be dedicated to the provision of loans or even grants, if they want, to the students,” he explained.

The NELFUND boss noted that the scheme offers two categories of loans — institutional loans to cover tuition and upkeep loans to support living expenses, saying both are interest-free, with repayment starting two years after completion of the National Youth Service Corps programme.

“If the payment is not complete and you lose your job the payment stops,” Sawyerr said, adding that employers have a statutory duty to deduct 10% from beneficiaries’ salaries once repayment begins.

“The only exception is that if you have your own business and you are paying yourself a salary, you are obliged to put the business or company that you set up to make those payments back to NELFUND,” he added.

In his remarks, the Senior Special Assistant to the President on Students’ Engagement, Asefon Dayo, said the event was a platform to bridge the gap between the government and students.

“Our mission is clear: to engage student leaders meaningfully, inform them about the far-reaching reforms of President Bola Ahmed Tinubu in education and youth development, and hear from them directly,” Dayo said.

He further said NELFUND has significantly reduced the rate of dropouts in tertiary institutions and announced that the President had approved funding for 15 colleges of education, polytechnics, and universities to establish innovation hubs and entrepreneurship centres, including robotics, artificial intelligence, 3D printing, and electronics labs.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

3 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

6 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.