Managing Director and Chief Executive Officer, the Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr, has disclosed that about 396,252 undergraduate students have benefitted from the loan fund since its establishment one year ago.

Sawyerr added that the agency has disbursed the sum of ₦77 billion to beneficiaries. He disclosed this at a media engagement with journalists in Abuja and Lagos, while giving a scorecard of what his team has done in the last one year it started.

Of the total disbursed, ₦41.7 billion was paid directly to 210 tertiary institutions as tuition fees, while ₦35.3 billion was disbursed as upkeep allowance to students.

He also disclosed that 675,212 students had registered on the NELFUND digital portal, with 645,692 of them submitting formal applications for loans.

According to him, the loans were provided through a fully digitised platform built to global standards, ensuring transparency, efficiency and real-time tracking.

Sawyerr reassured that repayment of the student loan would commence after beneficiaries have secured employment and complete their National Youth Service Corps (NYSC)).

Besides, he noted that the loan is interest-free, with beneficiaries required to repay only the exact amount disbursed to them

Sawyerr explained that once employed, 10 per cent of a beneficiary’s monthly income would be automatically deducted by the employer and remitted to NELFUND, following confirmation through the fund’s employment register.

“If you don’t have a job, you don’t pay. And when you eventually get a job, your repayment starts fresh.
“Once employed, 10 per cent of the beneficiary’s monthly income is deducted automatically by the employer and remitted to NELFUND, following verification through the agency’s employment register.

To qualify for the loan, Sawyerr said applicants must have secured admission into a federal university, polytechnic, college of education, or vocational school, and must possess a valid admission letter from the Joint Matriculations and Admission Board ( (JAMB).

He pointed out that the loan is strictly for full-time undergraduate students pursuing their first degrees.

According to data from the scheme, as at Thursday, about 675,212 students have registered, with 645,692 applicants, and 396,252 students have benefited so far from the scheme since its launch.
Meanwhile Sawyerr, has urged tertiary institutions to refund students who paid tuition fees before the disbursement of NELFUND loans.

She warned that failure by institutions to comply could erode public confidence, and threaten the long-term viability of the student loan scheme.

He said: “Institutions must refund this money. It’s disappointing that some schools have ignored this responsibility.”

The NELFUND boss lauded President Bola Tinubu for the political will that led to the establishment of the Fund.

Sawyerr highlighted some of the challenges encountered during implementation to include delay in verification, incorrect data from some institutions, but said the agency had stayed the course by learning, listening, and adapting.

“We’ve remained steadfast, improving our systems, engaging directly with applicants, training institutional focal points, and responding swiftly to tickets, concerns, and grievances,” he said.

Sawyerr reaffirmed its commitment to equity, efficiency and excellence, with plans to improve data systems, expand partnerships, and include students in technical and vocational institutions in line with national employment goals