Within 23 months of its launch by President Bola Tinubu, the Nigerian Education Loan Fund (NELFUND) has disbursed over N206 billion to students across 270 institutions nationwide.
The most recent figures, which show 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, with 1,164,222 students successfully utilising the scheme.
A breakdown of the disbursement reveals that N128.84 billion has been paid directly to 270 beneficiary institutions as tuition fees, while N77.45 billion has been released to students as maintenance grants.
This ensures that both academic and living expenses are covered, making higher education more affordable for low-income students.
The Fund has also grown steadily, with 969 new applications in its most recent update, representing a 0.1% increase, indicating sustained interest and public confidence in the programme.
Speaking about the Fund’s activities, Mr. Akintunde Sawyerr, Managing Director of NELFUND, assured Nigerian students that no eligible beneficiary of the education loan scheme would be prevented from taking exams due to financial constraints.
In a recent interview with Arise TV, Sawyerr stated that President Tinubu’s scheme was designed to remove financial barriers to tertiary education by providing interest-free loans with flexible repayment terms.
“We started His Excellency President Bola Ahmed Tinubu’s, GCFR, scheme 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 begin tertiary education or are forced to drop out due to a lack of funds, is addressed,” he stated.
He also stated that, while NELFUND is committed to timely disbursement, government funding necessitates stringent institutional procedures to prevent misappropriation.
In a recent statement issued by NELFUND’s Director of Strategic Communication, Mrs. Oseyemi Oluwatuyi, Sawyerr praised Delta State University’s Abraka management for its student-friendly directive.
The directive, issued via an internal memorandum from the Office of the Deputy Vice-Chancellor (Academic), allows students with NELFUND statuses of “Verified” or “Disbursed” to sit for their first semester 2025/2026 examinations by presenting proof of their NELFUND status.
Sawyerr described the move as a commendable example of institutional collaboration to support Nigerian students.
“We warmly welcome Delta State University’s student-centred approach. It reflects a clear understanding of the NELFUND scheme’s purpose, which is to ensure that no Nigerian student is denied an education due to financial constraints.
“At NELFUND, we are very pleased to see institutions taking practical, youth-friendly steps that allow students who have completed the application process to continue their academic activities without interruption,” he stated.
He added that such actions support the NELFUND programme’s overarching goal of increasing access to higher education while promoting fairness and inclusivity across Nigeria’s tertiary institutions.
Reacting to the scheme’s success in just two years, the Tinubu Media Support Group (TMSG) described NELFUND’s achievements as a major milestone and transformative intervention in Nigeria’s education sector.
Emeka Nwankpa, Chairman of TMSG, and Dapo Okubanjo, Secretary, said the Fund has emerged as a key driver of President Tinubu’s Renewed Hope agenda, particularly in promoting inclusive higher education.
“It is gratifying to note that in less than two years of its launch, NELFUND has disbursed N206.29 billion in student loans to over 1.16 million beneficiaries,” the group stated, pointing out that the agency had little institutional framework to build on at the time.
The group recalled that President Tinubu prioritised student financing early in his administration by enacting a student loan bill, which was later strengthened by more comprehensive legislation passed by the 10th National Assembly in March 2024.
According to TMSG, the scheme’s rapid growth demonstrates its credibility, despite initial scepticism and attempts by some individuals to discredit the initiative. It stated that the participation of 270 institutions and more than a million students demonstrates widespread acceptance.
“This is a verifiable and measurable intervention to ensure that no Nigerian is denied access to tertiary education due to financial constraints,” the statement continued.
The group also stated that the loans are interest-free, with repayment beginning two years after completion of the National Youth Service Corps (NYSC), subject to beneficiaries obtaining employment, with provisions for deferment as needed.
TMSG praised NELFUND’s management for maintaining transparency and public engagement and expressed confidence that the number of beneficiaries would grow significantly before the end of the administration’s first term.
It also urged Nigerians to continue supporting government initiatives that promote inclusive growth and human capital development throughout the country.
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