NELFUND disburses N77 billion in Student Loans to over 396,000 Tertiary students

By Kazeem Ugbodaga

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦77,034,184,108 in student loans to 396,252 beneficiaries across tertiary institutions in the country, its Managing Director and Chief Executive Officer, Mr Akintunde Sawyerr, announced on Thursday.

Speaking at the NELFUND Media Engagement 2025 held at the Fund’s head office in Abuja, Sawyerr described the disbursement as “remarkable progress” in delivering structured, interest-free education loans to Nigerian students.

“Since we opened our application portal in May 2024, we have made remarkable progress-progress that is both measurable and meaningful,” he said.

Of the total disbursed, ₦41.7 billion was paid directly to 210 tertiary institutions as tuition fees, while ₦35.3 billion was disbursed as upkeep allowance to students.

“Behind each of these numbers are real people, young Nigerians whose dreams were once delayed or denied by circumstance, but who now carry a renewed sense of possibility,” Sawyerr stated.

He also revealed that 675,212 students had registered on the NELFUND digital portal, with 645,692 of them submitting formal applications for loans.

According to him, the loans were provided through a fully digitised platform built to “global standards,” ensuring transparency, efficiency and real-time tracking.

“We deployed a fully digital, transparent loan portal and responded rapidly to issues around digital wallets and banking limitations by enabling account updates and migrating disbursements to commercial bank accounts,” he explained.

The NELFUND boss praised President Bola Ahmed Tinubu for the political will that led to the establishment of the Fund, calling it a direct product of the administration’s Renewed Hope Agenda.

“The establishment of NELFUND is a direct result of that vision-a vision that places the Nigerian youth at the heart of national development,” he noted.

“It is a bold mandate, and it comes with immense expectations. But it also comes with hope, hope for the market woman whose daughter dreams of becoming a doctor, hope for families across Nigeria who simply want their children to have a better chance.”

Sawyerr acknowledged challenges encountered during implementation, including delays in verification, data integrity issues from some institutions, and “widespread misinformation,” but said the agency had stayed the course by learning, listening, and adapting.

“We’ve remained steadfast, improving our systems, engaging directly with applicants, training institutional focal points, and responding swiftly to tickets, concerns, and grievances,” he said.

“We are not just administrators of a loan scheme; we are custodians of a national trust. And that trust demands humility, responsiveness, and a long-term view.”

He appealed to the media to serve as partners in promoting accurate information, urging reporters to both scrutinise and support the Fund’s activities to ensure long-term public confidence.

“We urge you to continue holding us to high standards, but also to walk with us to spotlight the real human impact of this intervention,” he said.

As NELFUND moves forward, Sawyerr reaffirmed its commitment to equity, efficiency and excellence, with plans to improve data systems, expand partnerships, and include students in technical and vocational institutions in line with national employment goals.

“What we are building is not just a fund, it is a foundation for the future, a Nigeria where no child is denied education simply because of the accident of birth,” he said.

The engagement ended with a call for sustained public dialogue and collaboration as the agency continues to shape the future of education financing in Nigeria.