From Victor Osula, and
The Nigerian Education Loan Fund (NELFUND) has recorded a major milestone in its student loan programme, disbursing ₦161.97 billion to 864,798 students nationwide, with over 1.36 million applications received since the launch of its student loan portal.
The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this on Tuesday while briefing journalists on the progress, impact and challenges of the scheme, which he described as a key pillar of President Bola Tinubu’s Renewed Hope Agenda.
Sawyerr said the fund was established to ensure that no Nigerian student is denied access to tertiary education due to financial constraints.
According to him, out of the ₦161.97 billion disbursed so far, ₦89.94 billion was paid directly to 263 tertiary institutions to cover tuition and institutional charges, while ₦72.03 billion was paid to students as upkeep allowances.
“As of today, 1,361,011 applications have been received, 864,798 students have benefited from the loan scheme, and total disbursement stands at ₦161.97 billion”, he said.
He noted that the figures reflect tangible impact on students and families across the country, describing them as evidence of barriers being dismantled and opportunities being created for young Nigerians.
The NELFUND boss said the agency has, over the past year, embarked on extensive sensitisation and engagement across tertiary institutions to drive awareness and access to the scheme. He added that the next phase would expand engagement to parents, guardians, traditional rulers and faith-based organisations to deepen public understanding and trust.
“Over the last year, NELFUND has worked directly with students, school authorities and key stakeholders nationwide. However, as we move into a new phase, we recognise that deepening impact requires broader engagement beyond campuses”, Sawyerr said.
On challenges, he disclosed that a reconciliation exercise after the 2024/2025 academic session revealed 11,685 students with outstanding upkeep payments amounting to ₦927.98 million. He clarified that the delays were due to technical and operational issues such as failed transactions, network downtime and unvalidated bank details.
Sawyerr said management had approved a one-time reconciliation process, including direct engagement with affected students, a grace period for updating bank details, multi-layer validation and immediate payment upon verification.
Speaking on sustainability, he said recent amendments to the student loan law, such as the removal of guarantor requirements, inclusion of upkeep allowances, and the ability to raise and invest funds, have strengthened the scheme’s long-term outlook.
He added that NELFUND is also exploring partnerships with philanthropists, corporate organisations and government agencies, citing a ₦20 billion collaboration with the Ministry of Education on Technical and Vocational Education and Training (TVET) as part of efforts to expand skills development.
Also speaking, the Executive Director of Operations, Mustapha Iyal, said the outstanding upkeep cases accounted for about 11,000 students out of more than 400,000 beneficiaries during the 2024/2025 session.
Iyal added that upkeep payments for the new academic session would begin in January, explaining that upkeep allowances are tied to active academic sessions and require fresh applications each session.
On loan repayment, he said repayment has commenced, with some beneficiaries who have graduated and secured employment already beginning to repay their loans, in line with the guidelines of the scheme.
