The Nigerian Education Loan Fund (NELFUND) has disclosed that it has disbursed a total of ₦154,373,551,374.00 in loans to 788,947 students across the country within its last 18 months of operation.
The Fund emphasized that the loans are interest-free, transparent, and accessible to all Nigerian students enrolled in government-owned tertiary institutions, including universities, polytechnics, colleges of education, as well as selected technical colleges and schools of nursing.
Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, revealed this during a virtual media roundtable, highlighting the Fund’s activities and progress since its establishment in April 2024. As of December 9, 2025, NELFUND had received 1,265,509 loan applications from students across Nigeria’s 36 states and the Federal Capital Territory (FCT), out of which 788,947 applications—representing 62.3%—were successfully processed and disbursed.
Sawyerr explained that the remaining applications were delayed due to factors such as daily increases in submissions and delays by students or institutions in providing accurate information for processing. He stressed that the Fund must conduct thorough screening within a maximum of 30 days to ensure that loans are not disbursed to ineligible applicants.
Of the total disbursed amount, ₦82.35 billion was paid directly to 262 tertiary institutions for tuition and obligatory fees, while ₦72.02 billion was provided as monthly upkeep allowances. He added that all transactions are executed through a fully digitized platform built to global standards to ensure seamless processing, transparency, tracking, and verification. Irregular submissions or incomplete applications remain the primary reasons some students have not yet received their loans.
“We have an expiration time for processing applications, which is 30 days, and this is only when all the required information is correct and supplied on time. While speed is important, we also want to ensure applications are properly screened so we don’t lose government funds,” Sawyerr said.
He encouraged students to take advantage of the loan scheme, highlighting its interest-free status and flexible repayment plan. Beneficiaries are required to repay only the exact amount borrowed in instalments, starting two years after completing the one-year mandatory National Youth Service Corps (NYSC) programme and securing employment. “If a beneficiary does not have a job after NYSC, repayment is deferred. Once employed, 10% of monthly income will be automatically deducted and remitted to NELFUND,” he added.
Sawyerr further stated that graduates living abroad are also expected to provide accurate information and repay their loans once economically active.
On reports of increased tuition and other charges by some institutions following the loan scheme’s introduction, the managing director criticized the practice as unfair to students. He said NELFUND has warned affected institutions to desist or risk having their applications disregarded.
The managing director also revealed that President Bola Tinubu supports expanding the scheme to include private institution students, though limited resources currently prevent immediate inclusion.
Sawyerr appealed to students in public institutions to fully utilize the loan scheme and encouraged parents to support their children in applying, allowing them to focus on their studies without financial stress. He commended President Tinubu for initiating the programme, noting that it would enhance enrolment, retention, and overall student learning outcomes.
