The Chairman of the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing, Hon. Ifeoluwa Ehindero, has commended the Nigerian Education Loan Fund (NELFUND) for its significant impact in removing financial barriers to higher education.
Speaking during an interactive session with the Association of Corporate Online Editors (ACOE) in Abuja on Wednesday, Hon. Ehindero expressed satisfaction with the agency’s growth, noting that it has exceeded expectations within its short period of existence.
Key Milestones and Funding
Since its inception, NELFUND has reportedly processed over one million applications. As of October 2025, the agency has disbursed over N116 billion in institutional fees and upkeep stipends to approximately 983,000 beneficiaries across 265 institutions.
Hon. Ehindero highlighted the agency’s increasing efficiency, stating that it now processes up to 50,000 applications weekly. He attributed this success to the unwavering support of President Bola Ahmed Tinubu, who has mandated that the fund remains a priority.
”The President is truly committed to NELFUND,” Ehindero said, pointing to recent tax reforms. Under the new 4% Development Levy on accessible profits, NELFUND has been allocated 15% of the total pool—a significant increase from its previous funding structure.
Oversight and Accountability
While praising the agency’s internal operations, the lawmaker raised concerns regarding the management of funds by some beneficiary institutions. He revealed that the Committee’s oversight activities, which began in February 2025, have uncovered “sharp practices” where schools delayed student access to registration despite receiving payments.
”NELFUND’s objective is to disburse to eligible students, but the way institutions manage those funds is a different ballgame,” Ehindero explained. “In some cases, even after NELFUND has released the money, schools have not given students access to register for courses.”
Recoveries and Digital Reforms
The Chairman disclosed that the Committee’s diligence has already yielded results, with 11 schools forced to refund diverted or unutilized funds. Notably, one institution alone was made to refund N266 million.
To prevent future bottlenecks, Hon. Ehindero urged NELFUND to fully digitalize its disbursement process. He proposed a system where students have personal dashboards linked to school portals, allowing them to instantly activate their registration once funds are disbursed.
”We are still on the necks of a few more institutions,” Ehindero warned, emphasizing that the House of Representatives remains committed to ensuring that every kobo intended for Nigerian students is transparently accounted for.