The Nigerian Education Loan Fund (NELFUND) has said it had spent over N206 billion on students’ loans in 270 tertiary institutions nationwide.
The agency said the disbursements were made within 23 months of its launch by President Bola Ahmed Tinubu.
The latest figures from NELFUND indicated that 1,751,669 applications have been received since the loan portal opened in May 2024, with 1,164,222 students successfully benefiting from the scheme.
A breakdown of the disbursement showed that N128.84 billion was paid directly to beneficiary institutions as tuition fees, while N77.45 billion was released to students as upkeep allowances, covering both academic and living expenses.
The agency also recorded 969 new applications in its latest update, representing a 0.1 per cent increase, a development it described as a sign of sustained public interest and confidence in the programme
NELFUND’s Managing Director, Akintunde Sawyerr, spoke yesterday on the success of the initiative when he appeared on a national television programme.
The managing director assured students that no eligible beneficiary would be prevented from sitting for examinations due to financial constraints.
“We started the scheme of His Excellency, President Bola Ahmed Tinubu, to provide students with interest-free loans on very soft terms, to ensure that the situation where many cannot commence or complete tertiary education due to lack of funds is addressed,” he said.
Sawyerr explained that while NELFUND is committed to prompt disbursement, due process and institutional checks are necessary to prevent mismanagement of public funds.
The NELFUND boss praised the Delta State University, Abraka, for allowing students with “verified” or “disbursed” loan status to sit for their first semester 2025/2026 examinations upon presenting proof of their application status.
“We warmly welcome this student-centred approach by the Delta State University. It reflects a clear understanding of the purpose of the NELFUND scheme, which is to ensure that no Nigerian student is denied access to education because of financial constraints.
“At NELFUND, we are pleased to see institutions taking practical, youth-friendly steps that allow students who have completed the application process to continue their academic activities without disruption,” Sawyerr added.
The NELFUND boss noted that such collaboration reinforces the broader objective of expanding access to higher education while promoting fairness and inclusivity.
Also, the Tinubu Media Support Group (TMSG) has described NELFUND’s achievements as a major milestone in Nigeria’s education sector.
In a statement by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said: “It is gratifying to note that in less than two years, NELFUND has disbursed over N206 billion in student loans to more than 1.16 million beneficiaries.”
The group noted that the scheme has become a key driver of the administration’s Renewed Hope agenda, particularly in expanding access to tertiary education.
TMSG also said the loans are interest-free, with repayment scheduled to begin two years after completion of the National Youth Service Corps (NYSC), subject to beneficiaries securing employment, with provisions for deferment where necessary.
Describing the intervention as “verifiable and measurable,” the group noted that participation by 270 institutions and over one million students demonstrates widespread acceptance despite initial scepticism.
It also hailed the management of NELFUND for maintaining transparency and expressed optimism that the number of beneficiaries would rise significantly before the end of the administration’s first term.
The group urged Nigerians to continue supporting government initiatives aimed at promoting inclusive growth and human capital development.
