The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦154,373,551,374.00 in interest-free loans to 788,947 students across the country within its last 18 months of operation.
The Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, disclosed this during a virtual media roundtable with journalists.
Sawyerr explained that the loans are transparent and accessible to every Nigerian student in government-owned tertiary institutions, including universities, polytechnics, and colleges of education, as well as some technical colleges and schools of nursing.
He noted that as of 9 December 2025, the total number of loan applications received from students across the 36 states of the federation and the Federal Capital Territory (FCT) stood at 1,265,509.
Out of this figure, only 788,947 applications, representing 62.3 per cent, were successful and have already been disbursed.
Sawyerr attributed the gap to several factors, including the daily increase in applications, as well as delays by students and institutions in submitting accurate information required for proper processing by NELFUND.
He explained that the Fund has to conduct thorough screening within a maximum period of 30 days to ensure that only eligible students receive the loans.
Of the total amount disbursed, N82.35 billion was paid directly to 262 tertiary institutions on behalf of beneficiaries as tuition and obligatory fees, while N72.02 billion was released as monthly upkeep allowances.
Sawyerr emphasised that the loans are provided through a fully digitised platform built to global standards, rather than cash payments, to ensure seamless processing, transparency, tracking and verification.
He reiterated that irregular data submission or delays in applications remained the sole reason some applicants were yet to be successful.
The NELFUND boss urged students to take advantage of the loan scheme, reminding them that it is interest-free and offers flexible repayment options after graduation.
Beneficiaries will repay only the exact amount borrowed in instalments, beginning two years after completing the one-year mandatory National Youth Service Corps (NYSC) programme and upon gaining employment.
Sawyerr also disclosed that President Bola Tinubu has expressed willingness to extend the scheme to students in private institutions.
He, however, noted that the limited resources currently available to NELFUND will not allow the inclusion of private school students at this time.
The NELFUND boss appealed to students in public institutions to fully utilise the loan scheme, urging parents to encourage their children to apply so they can focus on their studies without financial pressure.
He commended President Tinubu for initiating the loan scheme, reiterating that it would not only increase enrolment and retention but also improve students’ learning outcomes
