For nearly 865,000 Nigerian students, the dream of completing tertiary education is becoming more achievable, thanks to the Nigerian Education Loan Fund (NELFUND).
At a news briefing in Abuja on Tuesday, Managing Director Akintunde Sawyerr revealed that since the launch of the student loan portal, N161.97 billion has been disbursed nationwide. Of this, N89.94 billion went directly to 263 tertiary institutions for tuition and institutional fees, while N72.03 billion was paid to students as upkeep allowances.
“This is not just about numbers,” Sawyerr said. “It’s about removing barriers, creating opportunities, and restoring hope for students and families.”
NELFUND, described as part of President Bola Tinubu’s Renewed Hope Agenda, has received 1,361,011 applications so far, showing the strong demand for financial support among students.
To broaden awareness, the fund plans to extend engagement beyond students and institutions to parents, guardians, traditional rulers, and faith-based lorganizations, aiming to build trust and understanding of the scheme.
Regarding delays in upkeep payments, Sawyerr explained that 11,685 students were owed N927.98 million after the 2024/2025 session due to technical issues like failed transactions and incorrect bank details. A one-time reconciliation process has been approved to resolve these cases promptly.
Executive Director of Operations, Mustapha Iyal, added that many of the issues arose from incorrect applicant data and that validation from over 100 institutions is already underway.
Applications for the 2025/2026 academic session opened in November 2025. So far, over 280,000 applications have been received from participating institutions, with more than 150,000 students already receiving loans. Upkeep payments for the new session are set to begin in January, tied to active academic sessions.
Loan repayment has also started, with some graduates who are employed already beginning to repay, signaling the scheme’s long-term sustainability.
EduTimes Africa, a product of Education Times Africa, is a magazine publication that aims to lend its support to close the yawning gap in Africa's educational development.
