The Nigerian Education Loan Fund (NELFUND) says 396,252 students across tertiary institutions in Nigeria have so far benefited from its loan scheme as of July 2025.
Managing Director and Chief Executive of NELFUND, Akintunde Sawyerr, said the total loan applications received from eligible students across the country and the Federal Capital Territory stood at 645,692, with over ₦73.2 billion disbursed to beneficiaries.
Sawyerr, who gave the figures on Thursday in Abuja during a media engagement to mark NELFUND’s first anniversary, said the Fund had processed 94 per cent of the applications, covering 206 tertiary institutions across Nigeria’s 36 states and the FCT.
He credited President Tinubu for demonstrating the political will to ensure the effective take-off of the student loan scheme, noting that the President’s intervention came at a time when many undergraduates were on the verge of dropping out.
“Since we opened our application portal in May 2024, we have made remarkable progress that is both measurable and meaningful. Over 645,692 applications have been received from eligible students across Nigeria’s 36 states and the FCT. Tuition and upkeep loans have been successfully disbursed to more than 396,252 students, many of whom are first-generation students in tertiary institutions,” Sawyerr said.
He explained that a fully digital, transparent loan portal had been deployed to ensure seamless processing, tracking, and verification, adding that the policy is designed to democratise access to higher education and skill development through sustainable financing.
However, he identified challenges such as institutional data integrity issues, delays in verification processes, and widespread misinformation.
“But let me be clear, this journey has not been without its challenges. We have encountered issues with some institutional data integrity, delays in verification processes, and widespread misinformation. Yet, through it all, we have remained steadfast — improving our systems, engaging directly with applicants, training institutional focal points, and responding swiftly to tickets, concerns, and grievances,” he said.
He warned against the spread of misinformation, saying it could jeopardise the noble objectives behind establishing the Fund.
“We urge Nigerians to always reach out to the Fund whenever they need clarification rather than resorting to peddling falsehood,” he said.
PIAK