The Nigerian Education Loan Fund (NELFUND) says it has disbursed over N73.2 billion in interest-free loans to 396,252 students across Nigeria’s 36 states and the FCT.
This marks a significant milestone in the Fund’s first year of operation.
Speaking at a media engagement in Abuja on Thursday, NELFUND Managing Director Akintunde Sawyerr reflected on the progress made since President Bola Tinubu inaugurated the initiative.
He said a total of 645,692 loan applications had been received, with 94 per cent processed from 206 tertiary institutions nationwide.
“For the first time in our nation’s history, students are gaining structured, interest-free access to education finance through a national public fund,” Sawyerr stated.
He described the programme as a product of political will aimed at rescuing undergraduates at risk of dropping out due to financial constraints.
The initiative, he added, was designed to democratise access to higher education and skill development through sustainable financing.
“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 said.
Sawyerr also highlighted the digital and transparent nature of the loan system, which enabled seamless processing, tracking, and verification.
However, he acknowledged several challenges, including data mismatches, delays in verification, and misinformation.
In spite of the issues, he reaffirmed NELFUND’s commitment to transparency and continuous improvement.
“We’ve remained steadfast, improving our systems, engaging applicants directly, training institutional focal points, and addressing concerns swiftly,” he said.
Sawyerr warned against the growing wave of misinformation about the Fund on social media, cautioning that it could undermine the initiative’s credibility and purpose.
He urged the public to seek clarification directly from the Fund rather than spreading unverified claims.
