The Nigerian Education Loan Fund (NELFUND) has disbursed over N206 billion to students in 270 tertiary institutions nationwide within 23 months of its launch by President Bola Tinubu.
Latest figures show the Fund has received 1,751,669 applications since its portal opened in May 2024, with 1,164,222 students benefiting from the scheme so far highlighting its expanding impact on access to higher education.
A breakdown of the disbursement indicates that N128.84 billion has been paid directly to beneficiary institutions for tuition, while N77.45 billion has been released to students as upkeep allowances.
The dual structure is designed to cover both academic and living expenses, particularly for indigent students.
NELFUND continues to record steady growth, with 969 new applications in its most recent update, reflecting a 0.1 per cent increase and sustained public interest in the programme.
Speaking on the scheme, NELFUND Managing Director, Mr. Akintunde Sawyerr, assured that no eligible student would be prevented from sitting examinations due to financial challenges. He explained that the initiative provides interest free loans with flexible repayment terms to remove barriers to tertiary education.
Sawyerr also noted that while the Fund prioritises prompt disbursement, strict institutional processes are necessary to ensure accountability and prevent misappropriation of public funds.
In a related development, NELFUND commended Delta State University, Abraka, for allowing students with “Verified” or “Disbursed” loan status to sit for first semester 2025/2026 examinations upon presenting proof of their status.
The directive was issued through an internal memorandum from the Office of the Deputy Vice-Chancellor (Academic).
Sawyerr described the move as a student friendly and collaborative approach that aligns with the Fund’s objective of ensuring uninterrupted academic progress for beneficiaries.
He added that such measures support the broader goal of expanding access to higher education while promoting fairness and inclusivity across Nigeria’s tertiary institutions.
Reacting to the Fund’s performance, the Tinubu Media Support Group (TMSG) described NELFUND’s achievements as a major milestone in Nigeria’s education sector. The group said the initiative has become a key driver of the administration’s Renewed Hope agenda, particularly in promoting inclusive access to tertiary education.
TMSG noted that the scheme’s rapid expansion demonstrates credibility and acceptance, with participation from 270 institutions and over one million students despite initial skepticism.
The group also highlighted that 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.
Commending NELFUND’s transparency and public engagement, TMSG expressed optimism that the number of beneficiaries will continue to grow, urging Nigerians to support initiatives aimed at advancing human capital development nationwide.
