The Nigerian Education Loan Fund (NELFUND) has disbursed more than N206 billion to students in 270 institutions countrywide, within 23 months of its launch by President Bola Tinubu.

The latest figures, which indicate its growing impact in expanding access to tertiary education, show that 1,751,669 applications have been received since the portal opened in May 2024, out of which 1,164,222 students have successfully benefited from the scheme. 

A breakdown of the disbursement shows that N128.84 billion has been paid directly to 270 beneficiary institutions as tuition, while N77.45 billion has been released to students as upkeep allowances. 

According to the Fund, this is to ensure that both academic costs and living expenses are addressed, making higher education more accessible to indigent students.

The Fund has also maintained steady growth, recording 969 new applications in its most recent update, a 0.1 per cent increase, indicating sustained interest and public confidence in the programme.

Speaking on the Fund’s activities, the Managing Director, Akintunde Sawyerr, assured Nigerian students that no eligible beneficiary would be barred from sitting for examinations due to financial constraints. 

In a recent interview, Sawyerr noted that the scheme was designed to eliminate financial barriers to tertiary education by providing interest-free loans with flexible repayment terms.

“We started the scheme of His Excellency President Bola Ahmed Tinubu, GCFR, to provide students with loans, interest-free loans, with very, very soft terms, to ensure that the situation we’ve had in this country for so long, where so many cannot commence tertiary education or are forced to drop out because of lack of funds, is addressed,” he said.

He further observed that while NELFUND is committed to swift disbursement, government funding necessitates strict institutional processes to prevent misappropriation.

Recently, in a statement, by the Director of Strategic Communication at NELFUND, Oseyemi Oluwatuyi, Sawyerr commended the management of Delta State University, Abraka, for its student-friendly directive. 

The directive, issued via an internal memorandum from the Office of the Deputy Vice-Chancellor (Academic), permits students whose NELFUND status reads “Verified” or “Disbursed” to sit for their first semester 2025/2026 examinations upon presenting evidence of their NELFUND status.

Sawyerr described the move as a commendable example of institutional collaboration in support of Nigerian students.

He added that such actions reinforce the broader objective of the NELFUND programme to expand access to higher education while promoting fairness and inclusivity across Nigeria’s tertiary institutions.

Reacting to the scheme’s success in barely two years, the Tinubu Media Support Group (TMSG) described the achievements as a major milestone and a transformative intervention in Nigeria’s education sector.

Chairman of TMSG, Emeka Nwankpa, and Secretary, Dapo Okubanjo, said the Fund has emerged as a key driver of the Renewed Hope agenda of President Tinubu, particularly in promoting inclusive access to higher education.

The group recalled that President Tinubu prioritised student financing early in his administration by signing into law a student loan bill, later strengthened by a more comprehensive legislation passed by the 10th National Assembly in March 2024.

According to TMSG, the scheme’s rapid growth reflects its credibility, despite initial scepticism and attempts by some individuals to discredit the initiative.

It noted that participation by 270 institutions and over a million students demonstrates widespread acceptance.