Abuja, FCT – The Nigerian Education Loan Fund (NELFUND) held its inaugural Media Engagement on Thursday, July 17, 2025, a landmark event aimed at promoting transparency, dialogue, and public understanding of the transformative student loan scheme.
The engagement, attended by prominent media stakeholders, served as a platform to highlight NELFUND’s significant achievements since its inception and address critical questions from the public.
The event commenced with a welcoming address from Mr Akintunde Sawyerr, Managing Director/Chief Executive Officer of NELFUND. Mr Sawyerr underscored the pivotal role of the media in shaping public discourse and expressed profound gratitude for their presence. He emphasised that the engagement was not merely a routine update but a crucial moment for reflection and honest dialogue, focusing on the real-life impact of NELFUND on Nigerian students.
Mr Sawyerr attributed the establishment of NELFUND to the visionary leadership of President Bola Ahmed Tinubu, GCFR, and his “Renewed Hope Agenda,” which prioritises Nigerian youth development. “Our mandate is clear: To democratise access to higher education and skill development through sustainable financing,” he stated, highlighting the hope the initiative brings to countless families across Nigeria.
Since opening its application portal in May 2024, NELFUND has achieved remarkable milestones:Over 645,692 applications have been received from eligible students across all 36 states and the FCT. More than 396,252 students have successfully received tuition and upkeep loans, many of whom are first-generation tertiary institution students.
More than N73.2 billion in total has been disbursed comprising (Tuition Fees N38.3 billion and Upkeep Allowance, N34.9 billion)
A fully digital, transparent loan portal has been deployed, ensuring seamless processing, tracking, and verification.
The framework has been expanded to include students in technical and vocational training institutions, aligning with national employment and skills development goals.
NELFUND rapidly addressed initial challenges with digital wallets and banking limitations by enabling account updates and migrating disbursements to commercial bank accounts.
Mr. Sawyerr affirmed that behind these figures are countless young Nigerians whose dreams, once deferred, now hold renewed promise. He acknowledged challenges such as data integrity issues, verification delays, and misinformation but stressed NELFUND’s unwavering commitment to “listen, learn, adapt”. He reiterated that NELFUND serves as a custodian of national trust, demanding humility, responsiveness, and a long-term perspective.
The engagement continued with a detailed presentation by Mr Mustapha Iyal, Executive Director of Operations at NELFUND, titled “Unlocking Educational Opportunities”.
Mr Iyal walked attendees through the seamless, step-by-step application process for students:
Register on the NELFUND Portal: https://portal.nelf.gov.ng
Complete the biodata and academic information sections.
Upload supporting documents (e.g., admission letter, valid ID).
Submit the application and await verification and approval.
Mr Iyal also shed light on common reasons for application verification failures, including:
Not being a Nigerian citizen
Inconsistencies in student names across bank accounts, JAMB, and institutional data.
Students using different individuals’ account details.
Institutions failing to verify students after NELFUND’s initial verification.
He clarified that the N20,000 monthly upkeep allowance is only disbursed if students select the upkeep option during their application.
He emphasised the crucial role of institutions in the loan process, outlining their responsibilities:
Verify enrollment to ensure only qualified students benefit.
Prevent disbursement to ineligible applicants.
Notify NELFUND of withdrawals for loan adjustments.
Apply received funds to the correct student accounts.
Inform students upon fee receipt.
Mr Iyal further clarified that NELFUND’s data sources are primarily from NIMC, JAMB, and data provided by institutions, ensuring accuracy and curbing manual data collection.
The session included a robust question-and-answer segment, where media personnel posed important questions on various aspects of the scheme, including application-to-approval timelines, regional participation, loan repayment structures, fee inflation by institutions, and future projections.
NELFUND representatives provided comprehensive responses:
Regional Uptake: The highest participation was observed in the North, with the University of Maiduguri leading. Responses from the South-South and South-East were notably lower, while the South-West showed a warm response.
These regional variations were linked to factors such as income levels, unemployment rates, and economic conditions.
Application Timelines: NELFUND typically verifies an application within 14 working days.
Following institutional verification, loan disbursements are processed within an average of 10 working days.
Curbing Fee Inflation: NELFUND is well aware of potential fee inflation by some institutions and has robust verification processes in place to mitigate this issue.
Loan Repayment Structure: Loan repayment commences two years after the completion of the National Youth Service Corps (NYSC). Crucially, repayment is not required if the beneficiary is unemployed.
In the unfortunate event of the beneficiary’s death, the loan is written off, and the family bears no financial burden.
Future Projections: NELFUND plans to establish a centralised job portal to provide loan beneficiaries with direct access to employment opportunities.
Additionally, NELFUND is collaborating with the Ministry of Education to support the Technical and Vocational Education and Training (TVET) programme.
In his closing remarks, the MD/CEO, Mr Sawyerr, reiterated President Tinubu’s commitment to the successful implementation and sustenance of the programme.
The event concluded with a vote of thanks from Mrs Fumilayo Alagbada, Board Secretary & General Counsel of NELFUND, who expressed appreciation to the media for their vital role in disseminating information and advancing public awareness.
NELFUND’s Media Engagement 2025 underscored the fund’s dedication to transparency and its unwavering commitment to building a Nigeria where no child is denied education due to financial constraints.
With continued support and vigilance, NELFUND aims to bridge dreams and build a brighter future for Nigerian youth.
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