The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦161.9 billion to 864,798 students across the country since the launch of its student loan portal, as part of efforts to expand access to tertiary education.
The Managing Director of NELFUND, Mr. Akintunde Sawyerr, disclosed this on Tuesday in Abuja during a news conference where he briefed journalists on the progress, impact, and challenges of the student loan scheme.
Sawyerr explained that the fund, which was established under President Bola Tinubu’s Renewed Hope Agenda, is aimed at ensuring that no Nigerian student is denied access to education due to financial constraints.
According to him, the agency has so far received a total of 1,361,011 loan applications from students nationwide.
He revealed that out of the ₦161.97 billion disbursed, ₦89.94 billion was paid directly to 263 tertiary institutions to cover tuition and institutional charges, while ₦72.03 billion was paid directly to students as upkeep allowances.
“As of today, 1,361,011 applications have been received, 864,798 students have benefited from the scheme, and total disbursement stands at ₦161.97 billion,” Sawyerr said.
“These include ₦89.94 billion paid directly to institutions for tuition and other charges, and ₦72.03 billion paid directly to students as upkeep support.”
He noted that the figures reflect the tangible impact of the scheme on students and families, describing them as evidence that financial barriers to education are being removed and opportunities expanded.
The NELFUND boss added that the agency has carried out extensive sensitisation programmes across tertiary institutions over the past year to increase awareness and accessibility of the scheme.
According to him, the next phase of engagement will target parents, guardians, traditional rulers, and faith-based organisations to further deepen public understanding and trust in the student loan initiative.
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