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• Over N322bn disbursed through 1.6m applications as of August
From Fred Ezeh, Abuja
The Nigerian Education Loan Fund (NELFUND) has welcomed the Federal Government’s fresh funding support for the student loan scheme, describing the intervention as a significant step towards building a sustainable financing system for Nigerian students.
NELFUND commended President Bola Tinubu for directing that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Fund to support its growing student loan obligations.
The Fund also welcomed the Federal Executive Council’s approval for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be directed to NELFUND.
The development comes as the student loan scheme continues to expand, with NELFUND reporting that it had disbursed more than N322 billion through over 1.6 million student loan applications as of August 2026.
In a statement signed by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, the Fund said the additional funding would strengthen its capacity to meet existing obligations and extend financial support to more eligible Nigerian students.
Chairman of the NELFUND Board, Mr Jim Ovia, expressed appreciation to President Tinubu for what he described as his continued support and confidence in the Fund.
Ovia said the decision further demonstrated the administration’s commitment to making access to higher education more inclusive and sustainable.
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Also reacting to the development, NELFUND Managing Director/Chief Executive, Mr Akintunde Sawyerr, thanked the President for his continued commitment to removing financial barriers to higher education.
Sawyerr said the intervention demonstrated Tinubu’s belief in the transformative power of education and would strengthen efforts to build a sustainable student financing system for Nigerian students.
“NELFUND deeply appreciates the President for this significant intervention and for his unwavering commitment to ensuring that no Nigerian student is denied access to higher education because of financial constraints,” he said.
He said the additional funding would enhance the Fund’s ability to fulfil its mandate and provide support to more Nigerian students seeking access to higher education.
Sawyerr assured the President that NELFUND would continue to deploy every resource entrusted to it responsibly, transparently and in the best interest of Nigerian students.
“On behalf of the Executive Management, staff of NELFUND and millions of Nigerian students, we thank Mr President for this confidence and assure him that we will continue to deploy every resource entrusted to the Fund responsibly, transparently and in the best interest of Nigerian students,” he said.
NELFUND said the latest funding support further demonstrated the Federal Government’s commitment to sustainable education financing and would strengthen its efforts to reach more eligible Nigerian students.
The Fund’s latest position also comes as demand for student loans continues to grow, putting increased emphasis on the availability of sustainable funding to ensure that eligible students can access and complete higher education without being excluded by financial constraints.
