NELFUND Disburses N162 Billion to Over 864,000 Students

The Nigerian Education Loan Fund has disbursed over N161.97 billion to 864,798 students since the launch of its student loan scheme.

The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this during a press conference in Abuja on Tuesday. He stated the fund has received a total of 1,361,011 applications.

A breakdown shows that N89.94 billion was paid directly to 263 tertiary institutions to cover tuition and fees, while N72.03 billion was disbursed to students as upkeep allowances.

Sawyerr described the scheme as a key part of the President’s Renewed Hope Agenda, aimed at removing financial barriers to education.

The agency also addressed outstanding upkeep payments for 11,685 students from the previous academic session, totaling N927.98 million. Officials attributed the delay to technical issues like network failures and unvalidated bank details, adding that a reconciliation process is underway to resolve the cases.

Regarding sustainability, Sawyerr highlighted that the amended student loan law, removal of guarantor requirements, and strategic partnerships support the fund’s long-term viability. He noted a collaboration with the Ministry of Education on Technical and Vocational Education and Training (TVET) worth N20 billion.

For the 2025/2026 academic session, over 280,000 applications have already been received, with loans disbursed to more than 150,000 students. Upkeep payments for the new session are set to begin this month.

The Executive Director of Operations, Mustapha Iyal, confirmed that loan repayments have commenced from beneficiaries who have graduated and secured employment.