Abuja — The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of ₦161.97 billion to 864,798 students nationwide since the launch of its student loan portal.
Managing Director Akintunde Sawyerr disclosed this at a news conference in Abuja, noting that the fund has received over 1.36 million applications.
He explained that ₦89.94 billion was paid directly to 263 tertiary institutions for tuition and fees, while ₦72.03 billion went to students as upkeep allowances.
Sawyerr described NELFUND as a product of President Bola Tinubu’s Renewed Hope Agenda, stressing that no Nigerian student should be denied education due to financial constraints. He said the figures represent tangible impact on families, removing barriers and creating opportunities.
He added that the agency has embarked on sensitisation across campuses and will now expand outreach to parents, guardians, traditional rulers, and faith-based institutions to deepen public trust in the scheme.
On upkeep payments, Sawyerr revealed that a reconciliation exercise showed 11,685 students had outstanding allowances worth ₦927.98 million, caused by technical issues such as failed transactions and invalid bank details.
He said NELFUND has approved a one-time reconciliation process, including direct engagement with affected students and multi-layer validation to ensure prompt payment.
Executive Director of Operations Mustapha Iyal confirmed that upkeep arrears affected about 11,000 of more than 400,000 beneficiaries in the 2024/2025 session. He said feedback from over 100 institutions has been received, and payments will commence shortly.
Iyal added that applications for the 2025/2026 session began in November, with over 280,000 received and loans already disbursed to more than 150,000 students. Upkeep payments for the new session will begin in January, tied to active academic enrolment.
NELFUND also highlighted sustainability measures, including the amended student loan law, removal of guarantor requirements, inclusion of upkeep allowances, and partnerships such as a ₦20 billion collaboration with the Ministry of Education on TVET. Repayment has already commenced, with graduates who have secured employment beginning to pay back their loans.
