Nigerian Education Loan Fund Disburses Over ₦73.2 Billion To 396,000 Students.
The Nigerian Education Loan Fund (NELFUND) has achieved a significant milestone, disbursing over ₦73.2 billion to 396,252 students across Nigeria’s 36 states and the Federal Capital Territory as part of the Federal Government’s student loan programme. The announcement, made by NELFUND’s Managing Director, Akintunde Sawyerr, highlights the transformative impact of the initiative in expanding access to higher education for young Nigerians.
Launched on May 24, 2024, the programme has processed over 645,692 applications through a fully digital and transparent loan portal designed to global standards. The disbursed funds, comprising ₦38.3 billion for tuition fees and ₦34.9 billion for upkeep allowances, have supported students in 206 tertiary institutions, including universities, polytechnics, and vocational training centres. Sawyerr noted that the scheme’s expansion to include technical and vocational students aligns with national goals for employment and skills development. “Behind each number is a young Nigerian whose dreams were once delayed by financial constraints but now carry renewed hope,” he said.
The initiative, a cornerstone of the Federal Government’s Renewed Hope Agenda, aims to make higher education accessible and equitable. Over 666,818 students have registered on the NELFUND portal, with 94% successfully completing their loan applications, reflecting the programme’s efficiency. To enhance transparency, NELFUND has implemented the Student Loan Access System (SLAS), requiring institutions to upload student data to streamline disbursements and reduce fraud. The Economic and Financial Crimes Commission has also pledged to ensure every naira reaches its intended beneficiaries.
Recent disbursements include ₦54.2 million to 712 students at the Federal College of Education, Katsina, ₦47 million to 356 students at another institution, and ₦110.3 million to 3,512 students at Sule Lamido University, Kafin Hausa. Additionally, NELFUND has cleared backlog payments for over 3,600 students who updated their bank details from digital wallets to commercial bank accounts, resolving earlier delays. The agency is also developing a job portal to connect beneficiaries with employment opportunities in Nigeria and abroad, though it does not guarantee jobs.
The House of Representatives Committee on Student Loans has launched an investigation to ensure transparency in the disbursement process, with Committee Chairman Hon. Ehindero stressing the importance of accountability. “This is about protecting the educational aspirations of thousands of Nigerian students,” he said. NELFUND has rejected allegations of fund mismanagement, asserting that all disbursements are accounted for.
Students facing payment issues are encouraged to contact NELFUND via email at info@nelf.gov.ng or through official social media channels, including X (@nelfund), Instagram (@nelfund), and Facebook (Nigerian Education Loan Fund). The agency has urged students to use only official channels for support and to assist peers in navigating the process.
This landmark disbursement underscores the Federal Government’s commitment to empowering Nigerian youth through education. As NELFUND continues to refine its processes, the programme is poised to transform the nation’s educational landscape, offering hope to countless students pursuing their academic dreams.
