The Nigerian Education Loan Fund (NELFUND), the agency responsible for overseeing the Federal Government’s student loan initiative aimed at breaking financial barriers to higher education, released data on student loan registrations by state of origin on Friday, August 30, 2024.
This data offers key insights into the varying levels of interest and participation across Nigeria’s 36 states and the Federal Capital Territory (FCT).
This list was made available after netizens on X, formerly Twitter, called out the agency for shady dealings and neglecting universities in the Southeast after releasing the amount that has been disbursed so far to institutions across the country.
The data shows how students from different states and universities embraced the loan scheme. Notably, northern states such as Kano, Borno, and Benue feature prominently, while southern economic hubs like Lagos and Rivers remain at the lower end of the spectrum.
According to the executive director of finance and Administration of NELFUND, Dr Fred Femi Akinfala, in an interview with Premium Times, “NELFUND’s focus on low-income people aligns with the broader goal of reducing poverty and promoting inclusive economic development. Education, as a powerful driver of social mobility, can break the cycle of intergenerational poverty by equipping individuals with the knowledge, skills, and credentials necessary to secure well-paying jobs and create economic stability for themselves and their families.”
NELFUND Disburses Over N2.9 Billion to 27,667 Students in Nigerian Institutions
As of Friday, August 23, 2024, NELFUND has significantly revived the hopes of Nigerian students seeking higher education through its loan disbursement program.
Recent data from the agency shows that N2.946 billion has been disbursed to 27,667 students across various institutions in Nigeria.
The data reveals that universities in the Northern region received the highest disbursements. Bayero University, Kano tops the list, followed by the University of Maiduguri and the Federal University Dutsin-Ma.
Other notable disbursements were made to the University of Jos, Federal University Dutse, and University of Ibadan.
The five institutions that received the lowest NELFUND disbursements were polytechnics and colleges of education.
Kano, Borno Lead the Way as Northern Students Flood Loan Applications
The latest data released by NELFUND shows that Kano State has the highest number of beneficiaries of the student loan.
Followed by Borno state and Benue state.
Other northern states, such as Kaduna, and Katsina also rank highly in student participation.
On the other hand, the FCT reported the least number of registrations, followed by Bayelsa and Sokoto.
In contrast, Lagos, often seen as Nigeria’s economic and educational powerhouse, registered just 3,947 students for the loan scheme, with 2,347 proceeding to apply.
Overall, the Northern states have shown more interest in the student loan scheme compared to the South across the geopolitical zones.
For instance, while northern states like Kano and Borno rank among the top five, southern states such as Oyo had higher numbers of registered students but lower application follow-through rates.
The disparity in application rates is particularly evident in southern states like Ekiti, with just 6,065 registered and only 3,497 applications.
In the Southeast, Enugu recorded 4,133 registered students, but only 2,247 applied, also demonstrating a gap between registration and application.
Similar trends are observed in Lagos, Rivers, and Bayelsa states.
What’s Fuelling the North’s Interest and Why the South Isn’t Keeping Pace?
The NELFUND data on student loan registration by state of origin and institution reveals how regional dynamics and socioeconomic factors influence student interest and participation in the loan program.
The data shows that Northern states, facing more economic hardships, have shown greater interest in the student loan scheme to access higher education, while Southern states, especially the commercial hubs of Lagos and Rivers, show less interest in the scheme for reasons that are not yet fully understood.
The executive director of finance and Administration of NELFUND, Dr Fred Femi Akinfala, also in his interview with Premium Times held that “In a country as diverse and complex as Nigeria, issues of inequality, access, and opportunity have long been at the forefront of the national discourse. Education, in particular, has been identified as a critical pathway to social mobility and economic empowerment, yet barriers to quality education have persisted, disproportionately impacting marginalised communities.”
Akinfala further explained how establishing the Nigeria Education Loan Fund (NELFUND) represents a significant step towards addressing this challenge and promoting greater social justice within the Nigerian education system.