• Blames failed applications on delays in submitting required information
Nigerian Education Loan Fund (NELFUND) has disbursed a total of N154,373,551,374.00 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 were transparent and accessible to every Nigerian student in government-owned tertiary institutions, including universities, polytechnics, colleges of education, as well as some technical colleges and schools of nursing.
He noted that as of December 9, 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 had 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 were 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 had yet to be successful.
The NELFUND boss urged students to take advantage of the loan scheme, reminding them that it was interest-free and offered 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 had expressed willingness to extend the scheme to students in private institutions.
He, however, noted that the limited resources currently available to NELFUND would not allow the inclusion of private school students at this time.
The NELFUND boss appealed to students in public institutions to utilise the loan scheme, urging parents to encourage their children to apply so they could focus on their studies without financial pressure.
He commended President Tinubu for initiating the loan scheme, reiterating that it would not only increase enrollment and retention but also improve students’ learning outcomes.
