NELFUND disburses N206bn to students, institutions in under two years

The Nigerian Education Loan Fund has disbursed over N206 billion to students and institutions nationwide within 23 months of its launch by Bola Ahmed Tinubu.

The fund said more than 1.75 million applications have been received since May 2024, with over 1.16 million students benefiting from the scheme designed to expand access to tertiary education.

A breakdown showed that N128.84 billion was paid directly to 270 institutions as tuition, while N77.45 billion was released to students as upkeep allowances.

Speaking on the development, NELFUND Managing Director, Akintunde Sawyerr, assured that no eligible student would be denied the opportunity to sit examinations due to financial constraints.

“We started the scheme… to provide students with loans, interest-free loans, with very, very soft terms, to ensure that the situation… where so many cannot commence tertiary education or are forced to drop out because of lack of funds, is addressed,” he said.

He added that while disbursements are ongoing, strict processes remain necessary to safeguard public funds and prevent misuse.

Sawyerr also commended Delta State University, Abraka for allowing students with verified NELFUND status to sit for examinations, describing the move as “a commendable example of institutional collaboration”.

“We warmly welcome this student-centred approach… It reflects a clear understanding of the purpose of the NELFUND scheme,” he said.

Meanwhile, the Tinubu Media Support Group described the programme as a “major milestone” in Nigeria’s education sector, noting that the intervention aligns with the administration’s push for inclusive access to higher education.

The group added that the interest-free loans, with flexible repayment terms, are aimed at ensuring that no Nigerian is denied education due to financial hardship.