The Nigerian Education Loan Fund (NELFUND) has distributed more than N206 billion to students in 270 tertiary institutions across Nigeria within 23 months of its creation by Bola Ahmed Tinubu. The development represents a major step toward improving access to higher education for many Nigerian students.
According to the latest data released by Nigerian Education Loan Fund on Tuesday, the loan application portal, which opened in May 2024, has received 1,751,669 applications so far. Out of this number, 1,164,222 students have already benefited from the initiative.
Details of the disbursement show that N128.84 billion was paid directly to educational institutions to cover tuition fees, while N77.45 billion was transferred to students as upkeep allowances. This two-part payment structure is intended to help students manage both their academic costs and daily living expenses, especially those from financially disadvantaged backgrounds.
NELFUND continues to experience steady growth in participation. The most recent update recorded 969 additional applications, reflecting a 0.1 percent increase and suggesting continued public confidence in the programme.
Speaking on the initiative, the Managing Director of NELFUND, Akintunde Sawyerr, assured that no eligible student should miss examinations because of financial difficulties. During an interview on Arise TV, he explained that the loan scheme was created to remove financial barriers to tertiary education by offering interest-free loans with flexible repayment conditions. He noted that many Nigerians have historically struggled to access or complete higher education due to a lack of funding, and the programme is designed to address that long-standing challenge.
Sawyerr also emphasized that while the Fund is committed to timely payments, strict procedures and institutional verification remain necessary to prevent misuse of public funds.
In a related development, he praised the management of Delta State University for introducing a student-friendly policy that allows loan beneficiaries whose status is marked “Verified” or “Disbursed” to sit for their first-semester 2025/2026 examinations once they present proof of participation in the loan scheme.
He described the university’s decision as a positive example of cooperation between institutions and the Fund, noting that it supports NELFUND’s central goal of ensuring that financial hardship does not prevent students from continuing their education. According to him, the policy is practical and student-focused, allowing beneficiaries to continue their academic activities without interruption.
Reacting to the programme’s progress, the Tinubu Media Support Group described the initiative as a significant milestone and an important reform within Nigeria’s education sector.
In a statement signed by the group’s chairman, Emeka Nwankpa, and secretary, Dapo Okubanjo, the organisation said the loan scheme has become a key part of the administration’s Renewed Hope agenda, particularly in expanding access to tertiary education.
The group added that the rapid adoption of the programme, despite early doubts, demonstrates its credibility and widespread acceptance, noting that more than one million students from 270 institutions have already participated.
They further highlighted that the loans are interest-free, with repayment expected to begin two years after beneficiaries complete the National Youth Service Corps (NYSC), provided they have secured employment. The scheme also includes provisions that allow repayment to be deferred where necessary.
The group commended NELFUND’s leadership for maintaining transparency and continuous engagement with stakeholders. It also expressed confidence that the number of beneficiaries will continue to grow before the end of the administration’s first term, urging Nigerians to support initiatives that promote inclusive development and human capital growth.
