The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of over ₦73.2 billion in interest-free loans to 396,252 students across Nigeria’s 36 states and the Federal Capital Territory, marking a major milestone in the Fund’s inaugural year of operations.
Speaking during a media briefing held in Abuja on Thursday, NELFUND’s Managing Director, Mr. Akintunde Sawyerr, reflected on the achievements made since President Bola Tinubu officially launched the education loan initiative. According to Sawyerr, the Fund received a total of 645,692 loan applications, with 94 percent successfully processed from 206 tertiary institutions nationwide.
“For the first time in our country’s history, Nigerian students are accessing structured, interest-free financial support for their education through a publicly managed national scheme,” he stated.
He emphasized that the initiative was born out of strong political will, aimed at supporting undergraduates who are at risk of dropping out due to financial hardship. The programme, he explained, is intended to broaden access to higher education and skill development by providing sustainable, inclusive funding solutions.
Since the launch of the NELFUND application portal in May 2024, significant progress has been recorded, with many beneficiaries identified as first-generation students pursuing tertiary education.
Sawyerr also underscored the digital and transparent nature of the loan process, which allows for efficient application processing, real-time tracking, and verification. However, he acknowledged a number of operational challenges, including discrepancies in applicant data, delays in institutional verification, and the spread of misinformation.
Despite these hurdles, he reiterated NELFUND’s dedication to transparency, accountability, and ongoing system enhancements. “We have consistently improved our systems, engaged directly with applicants, trained institutional focal persons, and addressed issues as they arise,” he said.
He expressed concern about the rising trend of misinformation on social media regarding the Fund and warned that false narratives could undermine public trust in the programme. Sawyerr urged Nigerians to rely on verified information from NELFUND’s official channels rather than spreading unconfirmed reports.
