The Nigerian Education Loan Fund (NELFUND) has provided financial support totaling ₦161.97 billion to 864,798 students nationwide since the introduction of its student loan initiative. This effort aims to make tertiary education more accessible to those facing financial challenges.
During a recent press briefing in Abuja, NELFUND’s Managing Director, Mr. Akintunde Sawyerr, shared updates on the program’s progress, achievements, and obstacles. He emphasized that the loan scheme is a crucial part of President Bola Tinubu’s Renewed Hope Agenda, designed to prevent financial constraints from hindering students’ education.
So far, the fund has processed 1,361,011 applications. Out of the ₦161.97 billion disbursed, ₦89.94 billion went directly to 263 tertiary institutions to cover tuition and other fees, while ₦72.03 billion was allocated to students as living allowances.
Sawyerr highlighted the program’s positive impact on students and their families, noting that it is helping to reduce financial barriers to education. Over the past year, NELFUND has conducted awareness campaigns in schools to improve understanding and access to the loans. The next phase will involve outreach to parents, guardians, community leaders, and religious organizations to build trust and awareness.
Regarding delayed payments, Sawyerr explained that 11,685 students from the 2024/2025 academic year are yet to receive ₦927.98 million in allowances. These delays were caused by technical issues such as network problems, failed transactions, and unverified bank details—not policy shortcomings. To address this, NELFUND has introduced a reconciliation process that includes direct communication with affected students, a grace period for updating bank information, and immediate payment once details are confirmed.
To ensure the program’s long-term sustainability, NELFUND has implemented reforms such as removing guarantor requirements, including upkeep allowances, and allowing the fund to raise and invest capital. Additionally, partnerships with philanthropists, businesses, and government agencies are being explored. One example is a ₦20 billion collaboration with the Ministry of Education to support technical and vocational training.
Mr. Mustapha Iyal, NELFUND’s Executive Director of Operations, added that most of the unpaid allowances stem from incorrect data submitted by applicants. The fund has been working with institutions to verify student records, and payments for the outstanding amounts will begin shortly.
Applications for the 2025/2026 academic year opened in November 2025, with over 280,000 applications received so far. Loans have already been granted to more than 150,000 students, and living allowance payments for the new session will start in January.
Repayments have also commenced, with some graduates who have secured jobs beginning to pay back their loans. The program continues to evolve, with adjustments made to improve efficiency and accessibility for students across Nigeria.
