NELFUND Student Loans Skyrocket To ₦206 Billion

According to official statements from the Nigerian Education Loan Fund (NELFUND), over N206 billion has been disbursed in student loans across 270 tertiary institutions nationwide since the scheme’s launch 23 months ago by President Bola Ahmed Tinubu.

NELFUND reported that 1,751,669 applications have been received since the loan portal opened in May 2024, with 1,164,222 students successfully benefiting from the programme. A breakdown shows that N128.84 billion was paid directly to institutions to cover tuition, while N77.45 billion was released to students as upkeep allowances for academic and living expenses.

The agency noted 969 new applications in its latest update, reflecting continued public interest and confidence in the scheme. NELFUND’s Managing Director, Akintunde Sawyerr, emphasized that no eligible student would be barred from examinations due to financial constraints. He reiterated that the initiative provides interest-free loans on soft terms to ensure students can commence and complete tertiary education regardless of financial limitations.

Sawyerr also highlighted the importance of due process and institutional oversight to prevent misuse of public funds. He praised Delta State University, Abraka, for allowing students with verified loan statuses to sit for their first semester 2025/2026 examinations, describing the approach as student-centered and aligned with the goals of NELFUND.

The Tinubu Media Support Group (TMSG) lauded NELFUND’s performance, describing the disbursement of over N206 billion to more than 1.16 million beneficiaries as a major milestone in Nigeria’s education sector. TMSG further noted that the scheme, which allows repayment to start two years after NYSC completion contingent on employment, has become a critical driver of the administration’s Renewed Hope agenda, promoting access, inclusivity, and fairness in higher education.