NELFUND Shares N174bn To Over 800,000 Students
The Nigerian Education Loan Fund has disbursed ₦174 billion to more than 800,000 students across the country since the launch of the federal student loan scheme in May 2024.
The Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, disclosed this on Tuesday during a sensitisation programme held at the Ogun State Institute of Technology, Igbesa, in Ado-Odo/Ota Local Government Area of Ogun State.
He explained that over ₦100 billion had been paid directly to institutions to cover school fees, while about ₦70 billion was disbursed to students as monthly upkeep.
According to him, students receive ₦20,000 monthly for personal expenses, with payments made consistently. He added that the agency currently receives between 6,000 and 7,000 loan applications daily from students nationwide.
The NELFUND boss said the initiative reflects President Bola Tinubu’s commitment to ensuring that no Nigerian is denied access to tertiary education because of financial hardship.
Sawyerr said education remains a core priority of the Tinubu administration, stressing that empowering young people through learning is key to national development and long-term economic growth.
Speaking at the event, the Rector of the Ogun State-owned ICT polytechnic, Dr Abiodun Oluseye, praised the President for expanding access to tertiary education. He described the student loan scheme as a lifeline for students from low-income backgrounds.
Oluseye disclosed that more than 200 students of the institution had already benefited from the loan, while over 400 others had applied under the 2025/2026 academic session.
Also speaking, the Olodan of Odan Abuja-Sule, Igbesa, Oba Nosiru Teslim Olayemi, who represented the Olu of Ilaro and paramount ruler of Yewa land, Oba Kehinde Olugbenle, commended the Federal Government for the initiative. He urged students to remain focused on their studies and avoid distractions.
NELFUND was officially launched in May 2024 to support Nigerian students in accessing tertiary education. Beneficiaries are expected to begin repayment two years after graduation and upon securing employment.
