1.16m students across 270 institutions benefit from NELFUND’s N206bn loan
By Uji A Iliyasu, Abuja
The Nigerian Education Loan Fund (NELFUND) has disbursed more than N206 billion to students in 270 tertiary institutions nationwide within 23 months of its launch by President Bola Ahmed Tinubu.
Latest figures released by the Fund show that 1,751,669 applications have been received since the loan portal opened in May 2024, with 1,164,222 students successfully benefiting from the scheme so far.
A breakdown of the disbursement indicates that N128.84 billion has been paid directly to beneficiary institutions as tuition fees, while N77.45 billion has been released to students as upkeep allowances.
The intervention aims to address both academic costs and living expenses, thereby improving access to higher education for indigent students across the country.
The Fund has also continued to record steady growth, with 969 new applications captured in its most recent update, representing a 0.1 per cent increase, an indication of sustained public interest in the programme.
Speaking on the Fund’s operations, the Managing Director of NELFUND, Akintunde Sawyerr, assured Nigerian students that no eligible beneficiary of the scheme would be prevented from sitting for examinations because of financial constraints.
In a recent interview on Arise TV, Sawyerr explained that the loan scheme was designed to remove financial barriers to tertiary education through interest-free loans with flexible repayment terms.
“We started the scheme of His Excellency President Bola Ahmed Tinubu to provide students with loans — interest-free loans — with very soft terms to ensure that the situation where many Nigerians commence tertiary education or are forced to drop out because of lack of funds is addressed,” he said.
He added that although the Fund is committed to swift disbursement, strict institutional processes remain necessary to ensure transparency and prevent misappropriation of public funds.
Meanwhile, in a statement issued by the Director of Strategic Communication at NELFUND, Mrs Oseyemi Oluwatuyi, Sawyerr commended the management of Delta State University, Abraka, for adopting a student-friendly directive in implementing the scheme.
The directive, contained in an internal memorandum from the Office of the Deputy Vice Chancellor (Academic), allows students whose NELFUND application status reads “Verified” or “Disbursed” to sit for their first semester 2025/2026 examinations upon presenting evidence of their loan status.
Sawyerr described the move as a commendable example of institutional collaboration in support of Nigerian students.
“We warmly welcome this student-centred approach by Delta State University. It reflects a clear understanding of the purpose of the NELFUND scheme, which is to ensure that no Nigerian student is denied access to education because of financial constraints,” he said.
“At NELFUND, we are pleased to see institutions taking practical, youth-friendly steps that allow students who have successfully completed the application process to continue their academic activities without disruption.”
He noted that such initiatives reinforce the broader objective of the programme — expanding access to higher education while promoting fairness and inclusivity across Nigeria’s tertiary institutions.
Reacting to the development, the Tinubu Media Support Group (TMSG) described the achievements of NELFUND as a major milestone and transformative intervention in Nigeria’s education sector.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the scheme had become a key driver of President Tinubu’s Renewed Hope Agenda, particularly in advancing inclusive access to higher education.
“It is gratifying to note that in less than two years of its launch, NELFUND has disbursed N206.29 billion in student loans to more than 1.16 million beneficiaries,” the group stated.
The group also recalled that President Tinubu prioritised student financing early in his administration by signing the Student Loan Bill into law, which was later strengthened through a more comprehensive legislation passed by the 10th National Assembly in March 2024.
According to TMSG, the rapid growth of the scheme reflects its credibility despite initial scepticism in some quarters.
“This is a verifiable and measurable intervention aimed at ensuring that no Nigerian is denied access to tertiary education due to financial constraints,” the group added.
The group further noted that the loans are interest-free, with repayment expected to commence two years after completion of the National Youth Service Corps (NYSC), subject to beneficiaries securing employment, while provisions exist for deferment where necessary.
It also expressed optimism that the number of beneficiaries would continue to rise before the end of the administration’s first term.