The Nigerian Education Loan Fund (NELFUND) has achieved a significant milestone, disbursing a massive N154.4 billion in interest-free loans to nearly 800,000 students across the country within its first 18 months of operation.
Record Disbursement and Application Statistics
NELFUND's Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, revealed these figures during a virtual media roundtable with journalists. He stated that the total sum of N154,373,551,374.00 has been provided to 788,947 successful student beneficiaries from government-owned tertiary institutions.
These institutions include universities, polytechnics, colleges of education, and select technical colleges and nursing schools. Sawyerr provided a breakdown of the total applications received as of December 9, 2025, which stood at 1,265,509. This means the success rate for applications is currently 62.3 percent.
Reasons for Unsuccessful Applications and Fund Allocation
The NELFUND boss addressed the gap between applications received and those successfully processed. He attributed the primary reasons to:
- The daily surge in new applications.
- Delays by students in submitting accurate information.
- Institutional delays in providing required data for verification.
Sawyerr emphasized that the Fund conducts a rigorous screening process, which takes up to 30 days, to ensure only eligible students receive support. He clarified that irregular data submission remains the sole reason some applicants have not yet been successful.
Of the total N154.4 billion disbursed:
- N82.35 billion was paid directly to 262 tertiary institutions for tuition and obligatory fees on behalf of students.
- N72.02 billion was released directly to students as monthly upkeep allowances.
Digital Platform and Future Expansion Plans
The MD highlighted that all transactions are processed through a fully-digitised platform built to global standards. This system ensures seamless processing, transparency, and allows for easy tracking and verification, eliminating cash payments.
Sawyerr reiterated the attractive terms of the loan scheme for students in public institutions:
- The loans are completely interest-free.
- Repayment only begins two years after completing the National Youth Service Corps (NYSC) program.
- Repayment is contingent upon the beneficiary securing employment.
- Beneficiaries repay only the exact amount borrowed in manageable instalments.
In a promising development, Sawyerr disclosed that President Bola Tinubu has expressed willingness to extend the scheme to students in private institutions. However, he noted that the limited resources currently available to NELFUND do not allow for this inclusion at the moment.
The NELFUND chief made a final appeal to students in public institutions and their parents to take full advantage of the scheme. He stated that it is designed to allow students to focus on their studies without financial pressure, which will ultimately improve learning outcomes and increase enrollment and retention rates. Sawyerr commended President Tinubu for his vision in initiating the transformative loan program.
