The Nigerian Education Loan Fund (NELFUND) has made significant strides in empowering students by disbursing more than N206 billion to learners across 270 institutions nationwide, just 23 months after its launch by President Bola Tinubu.*
Recent figures from NELFUND reveal that since the portal opened in May 2024, the initiative has received a staggering 1,751,669 applications, with 1,164,222 students successfully benefiting from the scheme.
The disbursement breakdown shows that N128.84 billion has been directed towards tuition fees for 270 beneficiary institutions, while N77.45 billion has been allocated as upkeep allowances for students.
This comprehensive approach addresses both academic expenses and living costs, making higher education more attainable for underprivileged students.
Notably, the Fund has demonstrated sustained growth, recording 969 new applications in its latest update, reflecting a modest 0.1 percent increase in interest and public trust in the program.
In a recent statement, Mr. Akintunde Sawyerr, Managing Director of NELFUND, reassured Nigerian students that financial constraints would not prevent any eligible beneficiary from sitting for examinations.
During an interview on Arise TV, Sawyerr emphasized that the scheme, initiated by President Tinubu, aims to remove financial barriers to higher education through interest-free loans with flexible repayment options.
He also highlighted that while NELFUND is dedicated to prompt disbursement, adherence to strict institutional processes is essential to prevent misappropriation of government funds.
In a positive development, Mrs. Oseyemi Oluwatuyi, Director of Strategic Communication at NELFUND, issued a statement commending the management of Delta State University, Abraka, for their student-centric directive.
The university has announced that students whose NELFUND status is marked as “Verified” or “Disbursed” will be permitted to sit for the first semester examinations of the 2025/2026 academic year, provided they present evidence of their NELFUND status.
Sawyerr praised this initiative as an excellent example of institutional collaboration in support of Nigerian students, further demonstrating NELFUND’s commitment to enhancing access to tertiary education across the nation.
“We warmly welcome this student-centred approach by 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 very pleased to see institutions taking practical, youth-friendly steps that allow students who have successfully completed the application process to continue their academic activities without disruption,” he said.
He added that such actions reinforce the broader objective of the NELFUND programme: to expand access to higher education while promoting fairness and inclusivity across Nigeria’s tertiary institutions.
Reacting to the success of the scheme in barely two years, the Tinubu Media Support Group (TMSG) described the achievements of NELFUND as a major milestone and a transformative intervention in Nigeria’s education sector.
Chairman of TMSG, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the Fund has emerged as a key driver of the Renewed Hope agenda of President Tinubu, particularly in promoting inclusive access to higher education.
“It is gratifying to note that in less than two years of its launch, NELFUND has disbursed N206.29 billion in student loans to over 1.16 million beneficiaries,” the group stated, noting that the agency had little institutional framework to build upon at inception.
The group recalled that President Tinubu prioritised student financing early in his administration by signing into law a student loan bill, later strengthened by a more comprehensive legislation passed by the 10th National Assembly in March 2024.
According to TMSG, the scheme’s rapid growth reflects its credibility, despite initial skepticism and attempts by some individuals to discredit the initiative. It noted that participation by 270 institutions and over a million students demonstrates widespread acceptance.
“This is a verifiable and measurable intervention aimed at ensuring that no Nigerian is denied access to tertiary education due to financial constraints,” the statement added.
The group further highlighted that the loans are interest-free, with repayment structured to commence 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 management for sustaining transparency and public engagement, TMSG expressed optimism that the number of beneficiaries would significantly increase before the end of the administration’s first term.
It also urged Nigerians to continue supporting government initiatives aimed at promoting inclusive growth and human capital development across the country.
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