The Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of N161.97 billion to 864,798 students across the country since the launch of its student loan portal, in a bid to widen access to tertiary education.
The Managing Director of NELFUND, Mr Akintunde Sawyerr, disclosed this on Tuesday in Abuja while briefing journalists on the progress, impact and challenges of the student loan scheme.
Sawyerr described the fund as a key initiative under President Bola Tinubu’s Renewed Hope Agenda, noting that it was designed to ensure that no Nigerian student is denied education due to financial hardship.
According to him, the fund has received a total of 1,361,011 loan applications nationwide. Of the N161.97 billion disbursed so far, N89.94 billion was paid directly to 263 tertiary institutions to cover tuition and institutional charges, while N72.03 billion was paid to students as upkeep allowances.
“As of today, 1,361,011 applications have been received, 864,798 students have benefited from the scheme, and total disbursement stands at N161.97 billion,” he said.
Sawyerr noted that the figures reflected the tangible impact of the scheme on students and their families, adding that financial barriers to education were gradually being dismantled.
He said NELFUND had carried out extensive sensitisation programmes across tertiary institutions over the past year to improve awareness and access to the loan scheme. He added that the next phase would focus on engaging parents, guardians, traditional rulers and faith-based organisations to deepen public trust and understanding.
On upkeep allowances, Sawyerr revealed that a reconciliation exercise conducted after the 2024/2025 academic session showed that 11,685 students were yet to receive payments amounting to N927.98 million.
He explained that the delays were due to technical and operational issues such as network failures, unsuccessful transactions and unverified bank details, not policy lapses or withheld funds.
According to him, management has approved a one-time reconciliation process that includes direct engagement with affected students, a grace period for updating bank details, multi-layer verification and immediate payment upon validation.
Addressing concerns about sustainability, Sawyerr said the amended student loan law, removal of guarantor requirements, inclusion of upkeep allowances, and the ability to raise and invest funds were measures put in place to ensure long-term viability.
He added that NELFUND was also exploring partnerships with philanthropists, corporate bodies and government agencies, citing a N20 billion collaboration with the Ministry of Education on Technical and Vocational Education and Training (TVET).
Also speaking, the Executive Director of Operations, Mr Mustapha Iyal, said the outstanding upkeep payments affected about 11,000 students out of more than 400,000 beneficiaries in the 2024/2025 session.
Iyal said many of the issues stemmed from incorrect data supplied by applicants, adding that the fund had engaged institutions to validate student records. He noted that feedback had been received from over 100 institutions and that payment of the outstanding allowances would begin soon.
He also disclosed that applications for the 2025/2026 academic session commenced in November 2025, with more than 200 institutions submitting updated data. About 280,000 applications have so far been received, with loans already disbursed to over 150,000 students.
Iyal added that upkeep payments for the new academic session would begin in January, explaining that upkeep allowances are tied to active academic sessions and require fresh applications each year.
On loan repayment, he said repayment had already started, with some beneficiaries who have graduated and secured employment beginning to pay back their loans.
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