The Nigerian Education Loan Fund (NELFUND) on Tuesday disclosed that it has disbursed a total of ₦154,373,551,374.00 in loans to no fewer than 788,947 students across the country within its last 18 months of operation.
The Fund emphasised that the loans are interest-free, 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.
Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, made this known during a virtual media roundtable with journalists, where he highlighted the Fund’s activities and the progress recorded since its establishment in April last year.
Sawyerr 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.
He explained that the gap was due 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 added that although the Fund does not want eligible students to experience delays in accessing the loans, it must conduct thorough screening within a maximum period of 30 days in order not to “pay non-eligible persons.”
Sawyerr further explained that of the total amount disbursed, ₦82.35 billion was paid directly to 262 tertiary institutions on behalf of beneficiaries as tuition and obligatory fees, while ₦72.02 billion was released as monthly upkeep allowances.
He noted 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.
According to him, “We have an expiration time for processing applications, which is 30 days, and this is only when all the required information is correct and supplied on time.
“So, while speed is important, we also want to ensure that the applications are well screened before we make any payment so that we don’t lose government money,” he stressed.
Sawyerr, however, urged students to take advantage of the loan scheme, emphasising that it is interest-free and offers flexible repayment options after graduation.
According to him, 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.
“It means if you’re a beneficiary and you don’t have a job after the NYSC programme, you won’t pay. When you start repayment, only 10 per cent of your monthly income will be automatically deducted by your employer and remitted to the NELFUND purse, following confirmation through the Fund’s employment register.
“Even if you are no longer in Nigeria but are living elsewhere across the globe, you are expected to provide correct information and repay your loan once you are economically engaged,” he added.
Speaking on the frequent increase in tuition and other charges by some institutions following the introduction of the loan scheme, the managing director expressed strong disapproval, describing the practice as unfair to students.
While acknowledging that NELFUND is aware of such actions, he said the organisation has warned the leadership of affected institutions to desist, or risk having “their applications not treated.”
He also disclosed that President Bola Tinubu has expressed willingness for the scheme to eventually include students in private institutions, as it is intended for all Nigerian students.
“But the limited resources currently available to NELFUND will not allow for the inclusion of private school students at this time,” he said.
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 also commended President Tinubu for initiating the loan scheme, reiterating that it would not only increase enrolment and retention but also improve students’ learning outcomes.
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