NELFUND disburses N206bn to 1.16m students across 270 institutions in less than two years
The Nigerian Education Loan Fund (NELFUND) has disbursed over N206 billion to 1.16 million students across 270 tertiary institutions nationwide within 23 months of its launch.
The scheme, introduced by President Bola Tinubu’s administration, is aimed at expanding access to higher education through interest-free student loans.
Data from NELFUND shows that 1,751,669 applications have been received since the portal opened in May 2024, with 1,164,222 applicants successfully benefiting from the programme.
A breakdown indicates that N128.84 billion was paid directly to institutions as tuition fees, while N77.45 billion was disbursed to students as upkeep allowances.
NELFUND said the structure ensures that both academic and living expenses are covered, reducing financial barriers for indigent students.
The fund also recorded 969 new applications in its latest update, reflecting sustained interest and growing public confidence in the initiative.
Speaking on the programme, Akintunde Sawyerr, managing director of NELFUND, said no eligible beneficiary would be prevented from sitting examinations due to financial constraints.
“We introduced interest-free loans with flexible terms to ensure students are not forced to abandon their education due to lack of funds,” he said.
Sawyerr added that while the fund prioritises timely disbursement, due process remains essential to prevent misuse of public resources.
He also commended Delta State University, Abraka for allowing students with verified or disbursed NELFUND status to sit for examinations upon presenting proof of participation in the scheme.
He described the move as a model of institutional collaboration that supports uninterrupted academic progress.
Meanwhile, the Tinubu Media Support Group (TMSG) has described the fund’s performance as a milestone in Nigeria’s education sector.
The group said the initiative aligns with the administration’s broader agenda of promoting inclusive access to tertiary education and human capital development.
TMSG noted that the scheme’s rapid expansion—covering over a million students and hundreds of institutions—demonstrates its credibility despite initial skepticism.
The group also highlighted that the loans are interest-free, with repayment expected to begin two years after completion of the National Youth Service Corps, subject to employment, with provisions for deferment where necessary.
