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The Nigerian Education Loan Fund (NELFUND) said it has disbursed over N73.2 billion in interest-free loans to 396,252 students across Nigeria’s 36 states and the FCT.
Speaking at a media engagement in Abuja yesterday, NELFUND’s Managing Director, Akintunde Sawyerr, said 645,692 loan applications had been received with 94 percent 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,” he 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 skills 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.
He 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.
He 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.
Meanwhile, he has appealed to tertiary institutions across the country to refund students who had paid tuition fees before NELFUND’s disbursement to institutions.
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He warned that institutional non-compliance could jeopardise both public trust and the long-term sustainability of the programme.
He acknowledged that the urgency led to a misalignment with academic calendars and institutional deadlines. He said this resulted in some students paying their fees out-of-pocket, often through desperate borrowing, only for NELFUND to later disburse funds to the same schools on their behalf.
“In such cases, these institutions are morally and professionally obligated to refund the students. Some schools have done the right thing, others have not. This has caused unnecessary distress for already vulnerable students.”
Sawyerr said the situation had drawn the attention of Nigeria’s anti-corruption agencies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC), following students’ petitions and media exposés.
“We have been questioned as an organisation. The institutions too have been questioned. We are not shielding anyone. If they can’t refund the students directly, they should return the funds to us and we’ll ensure the students get their money back.
“There are students out there desperately trying to start their lives and some institutions are making it harder for them. I appeal to all schools to do the right thing and refund these students,” he said.
He further emphasised the importance of protecting the integrity of the Fund, warning that misinformation could undermine efforts to attract private-sector investment, a key to the scheme’s future viability.
“This is not just about education financing, this is a national transformation project.
“If you love Nigeria, you will support this programme. We cannot allow false narratives to derail a scheme that has already given hope to thousands of young Nigerians,” he said.
On skills development, Executive Director of Operations, NELFUND, Muspaha Iyal, noted that NELFUND was working in partnership with the Ministry of Education to support the implementation of the new Technical and Vocational Education and Training (TVET) initiative.
This initiative, he said, had already received nearly one million applications.
He added that while the TVET programme operates on a grant basis, NELFUND would later provide loan-based support to sustain it.
