The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦154,373,551,374.00 in interest-free loans to 788,947 students across Nigeria within the last 18 months, the Managing Director and CEO, Mr Akintunde Sawyerr, has disclosed.
Speaking during a virtual media roundtable, Sawyerr explained that the loans are accessible to students in government-owned tertiary institutions, including universities, polytechnics, colleges of education, technical colleges, and nursing schools. As of December 9, 2025, NELFUND had received 1,265,509 applications nationwide, with 62.3 per cent successfully processed and disbursed.
Of the total amount disbursed, ₦82.35 billion was paid directly to 262 institutions on behalf of beneficiaries for tuition and obligatory fees, while ₦72.02 billion was provided as monthly upkeep allowances. Sawyerr emphasised that the loans are processed through a fully digitised platform to ensure transparency, seamless tracking, and verification, rather than through cash payments.
He attributed delays in some applications to irregular data submission and stressed that thorough screening within 30 days ensures only eligible students receive funding. Beneficiaries are required to repay only the exact amount borrowed, beginning two years after completing the mandatory one-year National Youth Service Corps (NYSC) programme and upon securing employment.
Sawyerr noted that President Bola Tinubu has expressed willingness to extend the loan scheme to students in private institutions, but limited resources currently restrict the programme to public school students. He encouraged students and parents to take full advantage of the initiative, highlighting its potential to increase enrolment, improve retention, and enhance learning outcomes.
