The Nigerian Education Loan Fund (NELFUND) has achieved a significant milestone, disbursing a colossal sum of N154,373,551,374 in interest-free loans to Nigerian students. This financial support has reached 788,947 beneficiaries across the nation within an 18-month operational period.
Record Disbursement and Application Statistics
Mr. Akintunde Sawyerr, the Managing Director and CEO of NELFUND, made this revelation during a virtual media roundtable held with journalists. He provided a detailed breakdown of the fund's performance since its inception. According to the data presented, the total number of loan applications received from students in all 36 states and the Federal Capital Territory (FCT) as of 9 December 2025 was 1,265,509.
Out of this impressive figure, 788,947 applications were successful, representing an approval rate of 62.3 per cent. The successful applicants have already received their funds. Sawyerr clarified that the gap between applications and approvals is not due to fund limitations but primarily to procedural delays. He cited the daily influx of new applications and, crucially, delays from both students and their institutions in submitting accurate and complete information required for NELFUND's verification process.
How the Loans Are Distributed and Managed
The disbursed N154.4 billion was allocated through a transparent, fully digitised system. A substantial portion, N82.35 billion, was paid directly to 262 tertiary institutions nationwide. This payment covered tuition and obligatory fees on behalf of the student beneficiaries. The remaining N72.02 billion was released to the students as monthly upkeep allowances to support their living expenses while studying.
Sawyerr emphasised that the entire process is cashless, operating on a digital platform built to global standards. This approach ensures seamless processing, enhances transparency, and allows for easy tracking and verification of every transaction. He reiterated that the sole reason for any application not being successful is related to incomplete data or submission delays, not the availability of funds.
Future Plans and Call to Action
The NELFUND boss strongly encouraged eligible students in government-owned universities, polytechnics, colleges of education, and approved technical and nursing schools to apply. He reminded them that the loan is interest-free and comes with a flexible repayment plan. Repayment only begins two years after a beneficiary completes the mandatory National Youth Service Corps (NYSC) programme and upon securing employment. Graduates will only repay the exact amount borrowed in manageable instalments.
In a promising development, Sawyerr disclosed that President Bola Tinubu has expressed a willingness to extend the scheme to students in private institutions. However, due to the limited resources currently available to NELFUND, this expansion cannot be implemented immediately. For now, the focus remains on students in public tertiary institutions.
Akintunde Sawyerr commended President Tinubu for initiating this transformative scheme, stating that it will boost enrolment, improve student retention, and ultimately lead to better learning outcomes by removing financial barriers. He made a final appeal to parents to encourage their wards to apply so students can concentrate on their academics without the burden of financial pressure.
