The Nigerian Education Loan Fund has disbursed more than N161.97 billion to tertiary institutions for tuition fees and student upkeep, benefiting over 864,798 students across Nigeria. The Fund also disclosed that it has received more than 1.36 million loan applications from eligible students through its online portal.
Managing Director of NELFUND, Akintunde Sawyerr, made this known on Tuesday at a news conference in Abuja, where he outlined progress recorded since the inception of the Fund and addressed some operational challenges. He explained that the student loan programme is a direct outcome of Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises access to education and human capital development.
Sawyerr said the response from Nigerian students since the launch of the NELFUND Student Loan Portal has been significant and encouraging. He disclosed that as of Tuesday, January 13, a total of 1,361,011 applications had been received, while 864,798 students had already benefited from the scheme, with total disbursement standing at N161.97 billion.
He explained that N89.94 billion of the total amount was paid directly to 263 tertiary institutions to cover tuition and other institutional fees, while N72.03 billion was paid directly to students as upkeep allowances. According to him, the figures show the scale of the programme’s impact nationwide.
“These figures are not just statistics. They represent real lives impacted, real barriers removed, and real opportunities created,” Sawyerr said. He stressed that the student loan scheme reflects the President’s firm belief that no Nigerian child should be denied access to education due to financial limitations.
Sawyerr also addressed concerns over 11,685 students who currently have outstanding upkeep payments amounting to N927.98 million. He explained that the backlog was identified during a routine reconciliation exercise carried out by the Fund after the conclusion of the 2024/2025 academic session.
“Our team carried out a routine reconciliation of student upkeep payments. This process revealed that 11,685 students currently have outstanding upkeep payments totalling N927.98 million,” he said. “Let me be very clear, these are not cases of withheld funds or policy failure. Rather, they are the result of technical and operational issues, including temporary network downtime, failed transactions, and instances where bank account details could not be validated at the time of processing.”
He added that, in line with the President’s directive on accountability and efficiency in public service, NELFUND management has approved a one time reconciliation process to resolve all outstanding cases. This, he said, includes direct engagement with affected students and a defined grace period for them to update or provide alternative bank account details.
Sawyerr noted that NELFUND systems are designed not only to disburse funds but also to protect public resources and ensure that every payment is accurate and accountable. On sensitisation plans for 2026, he said the Fund would expand engagement beyond campuses to include parents, guardians, traditional rulers, and faith based institutions.
“We will be engaging traditional institutions, community leaders, churches, mosques, motor parks, and community spaces to ensure families understand and trust the scheme,” he said.
Executive Director, Operations, NELFUND, Mustapha Iyal, disclosed that 325 institutions have been onboarded for the 2025/2026 academic session, which began in November last year, with about 3,730,331 eligible students. He added that 283,275 loan applications have been verified for the session, while N12.5 billion has been disbursed as institutional charges to 117,640 beneficiaries.
