The Nigeria Education Loan Fund (NELFUND) has released over ₦154 billion to support students in public tertiary institutions across the country, benefiting a total of 788,947 learners.
The Managing Director of NELFUND, Mr. Akintunde Sawyerr, disclosed this during a virtual media briefing on Tuesday, explaining that the disbursement covered 262 public universities, polytechnics and colleges of education.
According to him, more than ₦82 billion was paid directly to institutions for tuition, while over ₦72 billion was issued to students as upkeep allowances, with beneficiaries receiving ₦20,000 monthly.
Sawyerr said the funding is being implemented under the amended NELFUND Act signed by President Bola Tinubu on April 3, 2024, which replaced the earlier law enacted in 2023.
He noted that the revised legislation removed restrictive clauses such as income limits, guarantor requirements and the absence of student stipends, thereby widening access to the scheme.
He added that the loan application process is fully digital to promote transparency and reduce human interference.
Eligible applicants must be Nigerian students admitted through JAMB into public tertiary institutions, possess a valid National Identification Number and maintain a verified bank account.
NELFUND has received over 1.26 million applications so far, with Sawyerr attributing the gap between applicants and beneficiaries to verification delays, duplicate submissions and pending confirmations from institutions.
He said admissions are verified directly with schools before funds are released, while first-year students awaiting matriculation numbers are allowed to apply using their JAMB registration details.
Addressing accountability concerns, Sawyerr stated that all disbursements are tracked electronically and published daily, allowing students and institutions to independently confirm payments.
He also revealed that the fund has engaged more than 105,000 students nationwide through sensitisation programmes involving state governments and community leaders.
He reaffirmed that the loans are interest-free and repayment will begin two years after completion of the National Youth Service Corps and only after beneficiaries secure employment.
Sawyerr urged students to take advantage of the scheme, describing it as a national initiative aimed at easing the financial burden of higher education on Nigerian families.
