The Nigerian Education Loan Fund (NELFUND) has disclosed that it has disbursed a total of ₦161.97 billion to 864,798 students across Nigeria since the launch of its student loan portal, as part of efforts to improve access to tertiary education.
The Managing Director of NELFUND, Mr. Akintunde Sawyerr, made this known on Tuesday in Abuja while briefing journalists on the progress, impact, and challenges of the student loan scheme. He described the fund as a key initiative under President Bola Tinubu’s Renewed Hope Agenda, established to ensure that no Nigerian student is denied education due to financial hardship.
According to Sawyerr, the fund has received 1,361,011 loan applications nationwide. Of the total amount disbursed so far, ₦89.94 billion was paid directly to 263 tertiary institutions to cover tuition and other institutional charges, while ₦72.03 billion was disbursed to students as upkeep allowances.
He noted that the figures reflect the tangible impact of the scheme on students and families, stressing that financial barriers to higher education are gradually being dismantled.
Sawyerr said NELFUND had carried out extensive sensitisation campaigns across tertiary institutions over the past year to improve awareness and accessibility of the scheme. He added that the next phase would extend engagement to parents, guardians, traditional rulers, and faith-based organisations to further build public trust and understanding.
Addressing issues surrounding upkeep payments, the managing director revealed that a reconciliation exercise conducted after the 2024/2025 academic session showed that 11,685 students were owed outstanding upkeep allowances amounting to ₦927.98 million. He explained that the delays were caused by technical and operational challenges, including network disruptions, failed transactions, and unverified bank details, rather than policy or funding failures.
He said management had approved a one-off reconciliation process involving direct engagement with affected students, a grace period for updating bank details, multi-level verification, and immediate payment upon confirmation.
On sustainability, Sawyerr said provisions in the amended student loan law—such as the removal of guarantor requirements, inclusion of upkeep allowances, and the ability of the fund to raise and invest resources—were designed to ensure long-term viability. He added that NELFUND is also exploring partnerships with philanthropists, corporate bodies, and government agencies, citing a ₦20 billion collaboration with the Ministry of Education on Technical and Vocational Education and Training (TVET).
Also speaking, the Executive Director of Operations, NELFUND, Mr. Mustapha Iyal, said the outstanding upkeep cases represented about 11,000 students out of over 400,000 beneficiaries during the 2024/2025 session. He explained that many of the issues stemmed from incorrect information provided by applicants, noting that institutions had been contacted to validate student records.
Iyal disclosed that feedback had been received from more than 100 institutions, with payment of the outstanding allowances expected to begin soon. He added that applications for the 2025/2026 academic session commenced in November 2025, with over 200 institutions submitting updated data.
According to him, about 280,000 applications have been received for the new session, with loans already disbursed to more than 150,000 students. He further stated that upkeep payments for the session would commence in January, explaining that such payments are tied to active academic sessions and require fresh applications each year.
On loan repayment, Iyal confirmed that repayment has already begun, with some beneficiaries who have graduated and secured employment starting to repay their loans.
