The Nigeria Education Loan Fund (NELFUND) has disbursed more than ₦154 billion to support 788,947 students across 262 public tertiary institutions nationwide, as part of the Federal Government’s efforts to expand access to higher education.
Managing Director of the Fund, Mr. Akintunde Sawyerr, disclosed this on Tuesday while briefing journalists virtually. He said the disbursement comprised over ₦82 billion paid directly to institutions for students’ tuition and more than ₦72 billion released as upkeep stipends, with beneficiaries receiving a monthly allowance of ₦20,000.
Sawyerr explained that the student loan scheme operates under the revised NELFUND Act, signed into law by President Bola Tinubu on April 3, 2024, following the repeal of the earlier legislation enacted in June 2023.
According to him, the repeal was necessary to remove restrictive provisions that would have excluded many Nigerians, including the ₦500,000 household income ceiling, the absence of student stipends, and the requirement for guarantors.
“With the new law, students are supported not only through payment of their institutional fees but also with monthly upkeep to enable them live and study with dignity,” Sawyerr said.
He noted that applications for the loan are processed entirely online through the NELFUND portal to eliminate human contact and ensure transparency.
Eligible applicants, he explained, must be Nigerian students admitted through JAMB into public universities, polytechnics or colleges of education, possess a National Identification Number (NIN), and have a verified bank account.
Sawyerr revealed that the fund has received over 1.26 million applications so far, attributing the gap between applications and beneficiaries to verification processes, repeat applications by some students, and delays in confirmation from institutions.
He added that NELFUND verifies admissions directly with institutions before releasing funds and has made provisions for first-year students awaiting matriculation numbers by allowing the use of JAMB registration numbers.
Addressing concerns about trust and accountability, the managing director said the fund publishes its figures daily and maintains a complete electronic trail of all payments.
“Students can see when and how much was paid, and institutions confirm receipt of funds. This level of transparency allows anyone to question, verify or challenge our records,” he said.
Sawyerr also disclosed that NELFUND has embarked on nationwide sensitisation, engaging more than 105,000 students, as well as governors, traditional rulers and community stakeholders, stressing that the scheme is a national and non-partisan initiative.
He reiterated that the loans are interest-free and that repayment will commence only two years after completion of the National Youth Service Corps (NYSC) and upon securing employment.
“The president is committed to ensuring access to education at all levels. Our responsibility is to ensure that this commitment works effectively at the tertiary level,” Sawyerr said, urging students to take advantage of the scheme to ease the financial burden on their parents.
He also thanked the media for their support, noting concerns about attempts to politicise the programme.
“We must stop the negative talk and try to move the country forward,” Sawyerr stated.
