The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦154,373,551,374 in interest-free loans to 788,947 students nationwide within its first 18 months of operation.
Gatekeepers News reports that the Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, disclosed this during a virtual media roundtable with journalists, noting that the scheme is designed to be transparent and accessible to all Nigerian students enrolled in government-owned tertiary institutions.
According to Sawyerr, the loan programme covers students in public universities, polytechnics, colleges of education, as well as selected technical colleges and schools of nursing. He revealed that as of December 9, 2025, NELFUND had received 1,265,509 loan applications from students across the 36 states of the federation and the Federal Capital Territory (FCT).
Out of the total applications, 788,947—representing 62.3 per cent—were successful and have already been disbursed.
Sawyerr attributed the gap between applications received and loans approved to the steady increase in daily submissions, as well as delays and inaccuracies in information provided by applicants and their institutions.
He explained that NELFUND conducts rigorous screening within a maximum period of 30 days to ensure that “only eligible students receive the loans.”
A breakdown of the disbursed funds shows that ₦82.35 billion was paid directly to 262 tertiary institutions as tuition and mandatory fees on behalf of beneficiaries, while ₦72.02 billion was released to students as monthly upkeep allowances.
Sawyerr emphasised that the loans are processed through a fully digitised platform built to global standards, stressing that the system eliminates cash handling to ensure “seamless processing, transparency, tracking and verification.”
He reiterated that irregular data submission or delays in completing applications remain the primary reasons some applicants are yet to benefit from the scheme.
The NELFUND chief urged students in public institutions to take full advantage of the interest-free loans, highlighting the flexible repayment structure. Beneficiaries, he said, will repay only the exact amount borrowed, in instalments, starting two years after completing the mandatory one-year National Youth Service Corps (NYSC) programme and upon securing employment.
Sawyerr also disclosed that President Bola Tinubu has shown willingness to extend the student loan scheme to private institutions. However, he noted that current funding constraints would not permit the immediate inclusion of private school students.
He appealed to students and parents to embrace the scheme, stressing that it would help learners concentrate on their studies without financial pressure.
Commending President Tinubu for initiating the programme, Sawyerr said the loan scheme would boost enrolment and retention in tertiary institutions while improving students’ overall learning outcomes.
