The Nigerian Education Loan Fund (NELFUND) says it has disbursed N161.97 billion to 864,798 students nationwide since the launch of its student loan portal, as part of efforts to expand access to tertiary education.
The Managing Director of NELFUND, Akintunde Sawyerr, said this at a news conference in Abuja on Tuesday, while briefing journalists on the progress, impact and challenges of the scheme.
Sawyerr said the fund, which he described as a product of President Bola Tinubu’s Renewed Hope Agenda, was established to ensure that no Nigerian student would be denied education because of financial constraints.
According to him, the fund has so far received 1,361,011 loan applications from students across the country.
He explained that out of the N161.97 billion disbursed, N89.94 billion was paid directly to 263 tertiary institutions to cover tuition and institutional charges, while N72.03 billion was paid to students as upkeep allowances.
”As at today. 1,361,011 applications have been received, 864,798 students have so far benefited from the loan scheme, and a total disbursement stands at N161.97 billion.
“These includes N89.94 billion paid directly to 263 tertiary institutions for tuition and institutional fees, and N72.03 billion paid directly to students as upkeep allowances,” he said.
He noted that the figures represented tangible impact on students and families, describing them as evidence of barriers being removed and opportunities being created.
The NELFUND boss said the agency had, over the past year, embarked on extensive sensitisation across tertiary institutions to improve awareness and access to the scheme.
He added that the focus would now expand to parents, guardians, traditional rulers and faith-based institutions.
He said this new approach was to deepen public understanding and trust in the scheme.
“Over the last year, NELFUND has also undertaken extensive sensitisation and engagement across tertiary institutions nationwide.
“We have worked directly with students, school authorities, and stakeholders to drive awareness, understanding, and access to the scheme.
“However, as we move into this new phase, we recognise that deepening impact requires broader engagement. This year, our focus will expand to another very important group within the NELFUND ecosystem,” he said.
On upkeep payments, the managing director disclosed that a reconciliation exercise carried out after the 2024/2025 academic session revealed that 11,685 students had outstanding upkeep payments amounting to N927.98 million.
He clarified that the outstanding payments were not due to withheld funds or policy failure, but resulted from technical and operational issues such as network downtime, failed transactions and unvalidated bank account details.
He said management had approved a one-time reconciliation process to resolve the cases, including direct engagement with affected students, a grace period for updating bank details, multi-layer validation and prompt payment upon verification.
Responding to questions on sustainability, Sawyerr said the amended student loan law, removal of guarantor requirements, inclusion of upkeep allowances and the ability to raise and invest funds were key elements supporting long-term sustainability.
He added that the fund was also exploring partnerships with philanthropists, corporate organisations and government agencies, citing a N20 billion collaboration with the Ministry of Education on Technical and Vocational Education and Training (TVET) as an example.
Also speaking, the Executive Director of Operations, NELFUND, Mustapha Iyal, yh3 outstanding upkeep represented about 11,000 out of more than 400,000 beneficiaries in the 2024/2025 session.
Iyal said the fund had contacted institutions to validate student data, noting that many of the issues arose from incorrect information supplied by applicants.
According to him, feedback has been received from over 100 institutions, and payment of the outstanding upkeep allowances is expected to commence shortly.
He also disclosed that applications for the 2025/2026 academic session began in November, 2025, with over 200 institutions submitting updated data.
He said about 280,000 applications had been received from those institutions, out of which loans had already been disbursed to more than 150,000 students.
He added that upkeep payments for the new session would begin in January, explaining that upkeep allowances were tied to active academic sessions and require fresh applications each session.
On loan repayment, Iyal said repayment had already commenced, with some beneficiaries who had graduated and secured employment beginning to repay their loans.
