Dip Connect Online News reports that the Nigerian Education Loan Fund (NELFUND) has disbursed N161.97 billion to 864,798 students across the country since launching its student loan portal, as part of efforts to expand access to tertiary education.
The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this during a press conference in Abuja on Tuesday, where he briefed journalists on the progress, impact, and challenges of the scheme.
Sawyerr described the fund as a product of President Bola Tinubu’s Renewed Hope Agenda, established to ensure that no Nigerian student is denied education due to financial constraints. He revealed that the fund has so far received 1,361,011 loan applications from students nationwide.
He explained that of the N161.97 billion disbursed, N89.94 billion was paid directly to 263 tertiary institutions for tuition and institutional fees, while N72.03 billion was released 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 N161.97 billion. This includes N89.94 billion to 263 institutions for tuition and N72.03 billion paid directly to students for upkeep,” Sawyerr said.
He noted that these figures reflect the tangible impact of the scheme, removing barriers and creating opportunities for students and families. Over the past year, NELFUND has conducted extensive sensitisation campaigns across tertiary institutions to improve awareness and access, and plans to expand outreach to parents, guardians, traditional rulers, and faith-based organisations to deepen public understanding and trust.
Regarding upkeep payments, Sawyerr disclosed that a reconciliation exercise after the 2024/2025 academic session revealed 11,685 students with outstanding allowances totaling N927.98 million, caused by network downtime, failed transactions, and unvalidated bank details, not withheld funds or policy failure. The agency approved a one-time reconciliation process to resolve the issues, including direct engagement, grace periods for updating bank details, multi-layer validation, and prompt payments.
On sustainability, Sawyerr highlighted that the amended student loan law, removal of guarantor requirements, inclusion of upkeep allowances, and the ability to raise and invest funds ensure the long-term viability of the scheme. He also cited partnerships with philanthropists, corporates, and government agencies, including a N20 billion collaboration with the Ministry of Education on Technical and Vocational Education and Training (TVET).
The Executive Director of Operations, Mustapha Iyal, added that the outstanding upkeep involved about 11,000 out of more than 400,000 beneficiaries in the 2024/2025 session, with issues mostly arising from incorrect information supplied by applicants. He confirmed that over 100 institutions had responded to validation requests and that payment of the outstanding allowances would commence shortly.
Applications for the 2025/2026 academic session began in November 2025, with over 200 institutions submitting updated data. About 280,000 applications were received, and loans have already been disbursed to more than 150,000 students, with upkeep payments scheduled to begin in January. Iyal also confirmed that loan repayment has commenced, with some graduates who have secured employment already starting to repay their loans.
Elijah Adeyemi
