Abuja: The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of N161.97 billion to 864,798 students across the nation, marking significant progress since the launch of its student loan portal.
According to News Agency of Nigeria, the student loan portal was inaugurated to improve access to tertiary education. Akintunde Sawyerr, the Managing Director of NELFUND, made this disclosure during a news conference in Abuja, discussing the scheme’s progress, impact, and challenges. Sawyerr emphasized that NELFUND, a product of President Bola Tinubu’s Renewed Hope Agenda, aims to eliminate financial barriers to education in Nigeria.
He detailed that the fund has processed 1,361,011 loan applications, with N89.94 billion directed to 263 tertiary institutions for tuition and fees, and N72.03 billion disbursed as upkeep allowances for students. Sawyerr highlighted that these figures demonstrate the tangible impact on students and families, showcasing the removal of educational barriers.
The NELFUND has also focused on raising awareness and access to the scheme through extensive sensitization across tertiary institutions. Sawyerr noted that efforts would now include parents, guardians, and community leaders to enhance public understanding and trust in the initiative. This broader engagement aims to deepen the scheme’s impact.
Addressing upkeep payments, Sawyerr revealed that a reconciliation exercise after the 2024/2025 academic session showed 11,685 students had outstanding payments totaling N927.98 million. He attributed these discrepancies to technical and operational issues rather than withheld funds or policy failures. NELFUND has initiated a reconciliation process, including direct engagement with affected students and a grace period for updating bank details.
In terms of sustainability, Sawyerr pointed out that amendments to the student loan law, such as the removal of guarantor requirements and the inclusion of upkeep allowances, support long-term viability. The fund is also exploring partnerships with philanthropists and organizations, exemplified by a N20 billion collaboration with the Ministry of Education on Technical and Vocational Education and Training (TVET).
Mustapha Iyal, NELFUND’s Executive Director of Operations, stated that outstanding upkeep affected about 11,000 out of more than 400,000 beneficiaries in the 2024/2025 session. The fund has contacted institutions to validate student data, with feedback received from over 100 institutions. Payments for outstanding allowances are expected to begin soon.
Iyal also noted that applications for the 2025/2026 academic session started in November 2025, with over 200 institutions submitting updated data. Around 280,000 applications have been received, and loans have been disbursed to over 150,000 students. Upkeep payments for the new session are slated to commence in January.
Regarding loan repayment, Iyal mentioned that some beneficiaries who have graduated and secured employment have begun repaying their loans.