The Managing Director of the Nigeria Education Loan Fund (NELFUND), Akintunde Sawyerr, has warned that any institution withholding information about student loan disbursements from beneficiaries is committing a crime.
Speaking in Abuja on Wednesday during a stakeholder engagement session focused on colleges of education, Sawyerr stressed that the timely release of funds to students is essential and non-negotiable. The event marked the third day of a technical workshop on NELFUND’s system automation and loan application process.
Addressing the challenges students face in accessing the loan, Sawyerr emphasized that institutional management must act swiftly once funds are received.
“The real issue lies with school management. If an institution receives money on Monday, students should begin accessing value by Tuesday,” he said. “Students should not be made to wait a week, a month, or even a year before being granted access to classes.”
He stressed that institutions must not impose any additional charges on students, as NELFUND covers all institutional fees.
“No school should claim that some charges are not covered by NELFUND. Our instruction is clear — once we pay, students must have full access to education: classes, tutorials, exams, field trips, and all academic services. They must not pay an extra naira.”
Sawyerr disclosed that funds have so far been disbursed to 303 institutions on behalf of 293,000 students. He revealed that over 570,000 students have registered on the platform, with more than 500,000 successfully completing loan applications.
“To clarify, 303 institutions have received funds covering 293,000 students. Our process is structured — we engage with institutions beforehand to ensure everyone, both students and administrators, understands how the scheme operates,” he explained.
He credited the launch of the Student Loan Scheme to the leadership of President Bola Ahmed Tinubu, stating it was designed to remove financial barriers to tertiary education and provide all Nigerian students a fair opportunity to succeed.
“For Colleges of Education, this mission is even more critical. You are training the future educators of our nation,” he said. “Supporting your students is not just an administrative task; it’s a strategic investment in Nigeria’s intellectual and developmental growth.”
He added that integrating these institutions and their students into the NELFUND ecosystem would enhance educational access, promote resilience, and generate broader societal benefits.
