The Nigerian Education Loan Fund (NELFUND) has disclosed that it has released a total of ₦161.97 billion to support 864,798 students across the country since the launch of its student loan application portal.

This update was made public in Abuja on Tuesday by the Managing Director of NELFUND, Mr Akintunde Sawyerr, during a media briefing where he reviewed the achievements, challenges, and future direction of the programme.

Scheme Designed to Remove Financial Barriers — Sawyerr

Sawyerr explained that the student loan initiative was created to ensure that financial hardship does not prevent Nigerian students from accessing higher education, noting that the scheme aligns with President Bola Tinubu’s Renewed Hope Agenda.

He revealed that since inception, the fund has received 1,361,011 loan applications from students studying in tertiary institutions across Nigeria.

Breakdown of Funds Disbursed

According to the NELFUND boss, the ₦161.97bn released so far has been shared between institutions and students as follows:

• ₦89.94 billion paid directly to 263 tertiary institutions to cover tuition and other school-related charges
  
• ₦72.03 billion transferred to students as upkeep allowances
  

“Today, we have received over 1.36 million applications. Out of these, 864,798 students have benefited, with total disbursement reaching ₦161.97 billion,” Sawyerr stated.

He added that the figures demonstrate real progress, easing financial pressure on students and their families while opening doors to educational opportunities.

Awareness Campaigns Expanded Beyond Campuses

Sawyerr noted that NELFUND spent the past year carrying out sensitisation programmes within universities, polytechnics, and colleges of education to ensure students understood how to access the loan scheme.

Going forward, he said the agency would extend engagement efforts to parents, guardians, traditional rulers, and religious institutions to build wider trust and understanding of the programme.

Over ₦927m in Outstanding Upkeep Payments Identified

Addressing concerns about unpaid allowances, Sawyerr disclosed that a reconciliation exercise conducted after the 2024/2025 academic session revealed that 11,685 students were owed a total of ₦927.98 million in upkeep payments.

He clarified that the delays were not caused by policy failures or withheld funds, but by operational issues such as:

• Network disruptions
  
• Failed payment transactions
  
• Incorrect or unverified bank account details
  

To resolve the issue, NELFUND approved a one-off reconciliation window, which includes direct contact with affected students, opportunities to update bank information, multiple validation checks, and immediate payment once verification is completed.

Sustainability and Partnerships

On the long-term viability of the loan programme, Sawyerr pointed to recent reforms, including:

• Amendments to the student loan law
  
• Removal of guarantor requirements
  
• Inclusion of upkeep allowances
  
• Permission for the fund to raise and invest capital
  

He also revealed that NELFUND is exploring partnerships with private donors, corporate bodies, and government agencies, citing a ₦20 billion collaboration with the Ministry of Education to support Technical and Vocational Education and Training (TVET).

Payments Set to Resume for Outstanding Beneficiaries

Also speaking at the briefing, NELFUND’s Executive Director of Operations, Mr Mustapha Iyal, said the unpaid upkeep affected roughly 11,000 students out of over 400,000 beneficiaries during the 2024/2025 session.

He explained that many of the issues stemmed from incorrect data supplied by applicants, adding that more than 100 institutions have already responded to verification requests.

According to Iyal, payment of the outstanding allowances is expected to begin shortly.

2025/2026 Applications Already Underway

Iyal further disclosed that applications for the 2025/2026 academic session opened in November 2025, with over 200 institutions submitting updated student records.

He said approximately 280,000 applications have been received so far, and loans have already been disbursed to more than 150,000 students.

Upkeep payments for the new session, he added, are scheduled to commence in January, noting that students are required to submit fresh applications each academic session.

Loan Repayment Has Begun

On repayment, Iyal confirmed that some beneficiaries who have completed their studies and secured employment have already started repaying their loans, marking a key milestone in the programme’s lifecycle.