The Managing Director of the Nigerian Education Loan Fund (NELFUND) has disclosed that over 1.36 million applications have been received on the NELFUND Student Loan Portal, with ₦161.97 billion already disbursed to students and tertiary institutions across the country.
Speaking at a press conference on the progress and challenges of the scheme, the MD said the student loan programme is a direct outcome of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises access to education and human capital development.
According to him, 864,798 students have so far benefited from the scheme. Of the total disbursement, ₦89.94 billion was paid directly to 263 tertiary institutions for tuition and institutional fees, while ₦72.03 billion was paid to students as upkeep allowances.
“These figures are not just statistics. They represent real lives impacted, real barriers removed, and real opportunities created,” the MD said.
He noted that since the launch of the portal, NELFUND has carried out extensive sensitisation and engagement across tertiary institutions nationwide, working closely with students, school authorities, and other stakeholders to drive awareness and access.
The MD announced that in the coming year, the Fund will expand its engagement beyond campuses to include parents, guardians, traditional rulers, and faith-based institutions, as part of efforts to take the scheme to the grassroots.
“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.
However, the MD acknowledged challenges relating to student upkeep payments. He revealed that a post-session reconciliation exercise showed that 11,685 students have outstanding upkeep payments amounting to ₦927.98 million.
He explained that the delays were not due to withheld funds or policy failure, but were caused by technical and operational issues, including network downtime, failed transactions, and unvalidated bank account details.
To address this, management has approved a one-time reconciliation process, which includes direct engagement with affected students, a grace period to update bank details, multi-layer validation involving IT, Client Support, Audit, and Finance teams, and prompt payment upon completion.
“Our objective is simple: every eligible student must receive what is due to them accurately, transparently, and without delay,” he stated.
Reassuring students and their families, the MD said NELFUND remains committed to transparency, fairness, and accountability, stressing that the scheme is designed to both support students and safeguard public funds.
He added that the Fund would continue to provide updates as the reconciliation process progresses, while appreciating the patience of affected students and the role of the media.
“NELFUND is more than a financial intervention. It is a key pillar of the Renewed Hope Agenda, aimed at expanding access to higher education and securing Nigeria’s future,” he said.
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