NELFUND Disburses N73.2bn in Student Loans, Reaches Over 396,000 Beneficiaries in One Year
The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of over N73.2 billion in interest-free loans to 396,252 students across Nigeria’s 36 states and the Federal Capital Territory (FCT).
This marks a major milestone for the Fund, which is completing its first year of operations following its inauguration by President Bola Tinubu.
Speaking during a media engagement in Abuja on Thursday, NELFUND Managing Director, Akintunde Sawyerr, expressed satisfaction with the progress made so far.
He revealed that the Fund had received 645,692 loan applications, out of which 94 per cent have been processed from 206 tertiary institutions nationwide.
“For the first time in our nation’s history, students are gaining structured, interest-free access to education finance through a national public fund,” Sawyerr said.
He described the programme as a bold intervention driven by political will to assist undergraduates at risk of dropping out due to lack of funds.
According to him, the initiative is designed to democratise access to higher education and skill development through a sustainable financing model.
“Since our application portal opened in May 2024, we’ve seen measurable and meaningful progress,” he said.
“Many of the beneficiaries are first-generation students in tertiary institutions.”
Sawyerr also pointed to the digital and transparent nature of the loan system, noting that it has enabled seamless processing, tracking, and verification of applications.
However, he acknowledged that the Fund had faced some challenges, including data mismatches, delays in verification, and the spread of misinformation.
Despite these obstacles, he reaffirmed NELFUND’s commitment to continuous improvement and openness.
“We’ve remained steadfast, improving our systems, engaging applicants directly, training institutional focal points, and addressing concerns swiftly,” he stated.
Sawyerr also warned against a surge of misinformation about the Fund on social media, stressing that it could damage the initiative’s credibility and purpose.
He urged the public to verify any information directly with NELFUND rather than sharing unconfirmed claims.
