Nigerian Education Loan Fund (NELFUND) has disbursed ₦154.37 billion in interest-free loans to 788,947 students nationwide within 18 months of operation.
The Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, disclosed this during a virtual media roundtable with journalists.
He said the loans are accessible to Nigerian students in government-owned tertiary institutions, including universities, polytechnics and colleges of education, as well as some technical colleges and schools of nursing.
Sawyerr said that as of 9 December 2025, the fund had received 1,265,509 loan applications from students across the 36 states and the Federal Capital Territory. Of these, 788,947 applications, representing 62.3 per cent, were successful and fully disbursed.
He attributed the gap between applications and disbursements to the steady rise in applications and delays by students and institutions in submitting accurate information required for processing.
According to him, NELFUND conducts a screening process of up to 30 days to ensure that only eligible students benefit from the scheme.
Of the total amount disbursed, ₦82.35 billion was paid directly to 262 tertiary institutions as tuition and mandatory fees, while ₦72.02 billion was released to beneficiaries as monthly upkeep allowances.
Sawyerr said the loan scheme operates on a fully digitised platform to ensure transparency, tracking and verification, noting that no cash payments are involved.
He urged students to take advantage of the interest-free loans, which offer flexible repayment options. Beneficiaries are expected to repay only the amount borrowed in instalments, starting two years after completing the National Youth Service Corps programme and securing employment.
Sawyerr also disclosed that President Bola Tinubu is willing to extend the scheme to private institutions, but said limited funding currently prevents its implementation.
He encouraged students in public institutions and their parents to embrace the scheme, saying it would ease financial pressure, improve access to education and enhance learning outcomes.
