The Nigerian Education Loan Fund (NELFUND) has disbursed more than N206 billion to 1.16 million students across 270 tertiary institutions nationwide within 23 months of its launch.
The fund said that a total of 1,751,669 applications had been received since the portal opened in May 2024, out of which 1,164,222 students successfully benefited from the scheme, underscoring its growing impact in expanding access to higher education.
A breakdown of the disbursement showed that N128.84 billion was paid directly to beneficiary institutions as tuition fees, while N77.45 billion was released to students as upkeep allowances to cater for living expenses.
Managing Director of NELFUND, Mr Akintunde Sawyerr, while speaking on Arise TV,, said no eligible beneficiary would be barred from sitting examinations due to financial constraints.
Sawyerr said the scheme, introduced by President Bola Tinubu, was designed to eliminate financial barriers to tertiary education through interest-free loans with flexible repayment terms.
He explained that the fund was committed to prompt disbursement but noted that due process was necessary to safeguard public funds and prevent misappropriation.
The managing director commended Delta State University, Abraka, for allowing students with “Verified” or “Disbursed” NELFUND status to sit for examinations upon presenting evidence of their application status.
He described the directive as a student-friendly initiative that aligned with the objectives of the scheme to ensure uninterrupted academic activities for beneficiaries.
Sawyerr added that such institutional collaboration would further strengthen efforts to promote fairness, inclusivity and access to higher education across the country.
Meanwhile, the Tinubu Media Support Group (TMSG) described the achievements of NELFUND as a major milestone in Nigeria’s education sector.
The group, in a statement signed by its Chairman, Mr Emeka Nwankpa, and Secretary, Mr Dapo Okubanjo, said the fund had emerged as a key driver of the administration’s Renewed Hope agenda.
It noted that the scheme’s rapid growth and acceptance across 270 institutions and over one million students reflected its credibility and effectiveness despite initial skepticism.
The group added that the student loan programme was a verifiable intervention aimed at ensuring that no Nigerian was denied access to tertiary education due to financial constraints.
According to TMSG, the loans are interest-free, with repayment structured to commence two years after completion of the National Youth Service Corps, subject to beneficiaries securing employment.
It expressed optimism that the number of beneficiaries would continue to grow, while urging Nigerians to support government initiatives targeted at human capital development.
