NELFUND Disburses N116bn in Student Loans and Upkeep Fees Across Nigerian Tertiary Institutions

The Nigerian Education Loan Fund (NELFUND) has released N116 billion to support students’ institutional fees and monthly upkeep allowances across the country. The Managing Director of the Fund, Akintunde Sawyerr, confirmed the development during an interview in Abuja.

Breakdown of the Disbursement

Sawyerr described the fund release as a major step in strengthening access to affordable tertiary education nationwide. According to him, N65 billion was paid directly to 239 public universities, polytechnics, and colleges of education on behalf of students whose loan applications were approved. He added that an additional N51 billion was disbursed as monthly upkeep allowances and sent directly to the beneficiaries.

Volume of Applications and Beneficiaries

Providing further updates, the NELFUND chief revealed that the scheme has received 1,067,000 loan applications since its launch. Out of these, 624,000 students across 239 government-owned institutions have benefited from tuition and upkeep support.

Government’s Commitment to Inclusive Education Financing

Sawyerr emphasized that the initiative remains one of the federal government’s flagship social investment programs aimed at removing financial barriers in tertiary education. He explained that the loan scheme ensures no eligible student is denied the opportunity to pursue higher education due to financial hardship.

Transparency and Daily Engagement with Applicants

He further noted that the Fund continues to record high daily engagement on its application portals. With the increasing number of approved loans and the large volume of funds released, NELFUND reaffirmed its commitment to transparency, accountability, and efficient management of the scheme.