NELFUND supports 396,252 students with ₦73.2bn interest-free loans


In its first year of operation, the Nigerian Education Loan Fund (NELFUND) has disbursed over ₦73.2 billion in interest-free loans to 396,252 students across all 36 states and the Federal Capital Territory.
This achievement was announced on Thursday during a press briefing in Abuja by the Managing Director of NELFUND, Akintunde Sawyerr, who presented a summary of the Fund’s performance since its launch by President Bola Tinubu.
Sawyerr disclosed that a total of 645,692 applications for loans had been received, with 94 per cent of them already processed across 206 tertiary institutions in the country.
“For the first time in our nation’s history, students are gaining structured, interest-free access to education finance through a national public fund,” he said.
He described the scheme as evidence of strong political determination, designed to support university students who might otherwise be forced to abandon their education due to financial difficulties. He explained that the programme is intended to enhance access to university education and vocational training through a sustainable model of funding.
“Since our application portal opened in May 2024, we’ve seen measurable and meaningful progress. Many of the beneficiaries are first-generation students in tertiary institutions,” he added.
Sawyerr highlighted the system’s digital and transparent design, which allows for efficient processing, verification, and tracking of loan applications. Nevertheless, he acknowledged that the programme had faced several obstacles, such as inconsistent data, delays in verification, and the spread of misinformation.
In spite of these issues, he assured the public of NELFUND’s commitment to transparency and the continual improvement of its processes. “We’ve remained steadfast, improving our systems, engaging applicants directly, training institutional focal points, and addressing concerns swiftly,” he said.
Responding to the issue of misinformation being circulated on social media, Sawyerr cautioned that false claims could jeopardise the credibility and public confidence in the Fund. He encouraged Nigerians to depend on official communication channels for trustworthy and accurate updates.