The Nigerian Education Loan Fund (NELFUND) has announced that it has successfully disbursed over ₦116.4 billion to eligible students across the country since the launch of its online loan portal on May 24, 2024 marking one of the boldest milestones in the government’s effort to make tertiary education accessible and affordable for all.
According to the NELFUND Managing Director, Akintunde Sawyerr, the disbursement represents a major achievement in the federal government’s commitment to easing financial burdens for Nigerian students, especially those from low-income families.
He noted that the loan scheme, which has been rolled out in phases, covers undergraduates in federal institutions and is set to expand to state universities and polytechnics by early 2026. “The goal is to ensure that no Nigerian student drops out of school due to financial constraints,” Sawyerr said.
Since its introduction, the platform has recorded over two million applications, with 1.3 million students successfully verified and approved for funding. NELFUND explained that the approval process involves strict eligibility checks, including proof of admission, valid BVN, and verified parental or guardian income levels.
The loans are interest-free and are designed to be repaid two years after beneficiaries complete their National Youth Service Corps (NYSC) program. The government has assured that repayment will be structured in a way that is flexible and considerate of economic realities.
Education Minister Prof. Tahir Mamman hailed the progress, describing it as a “game changer” in Nigeria’s education financing. “This initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes human capital development as a driver of national growth,” he said.
The loan scheme has also received praise from student unions and education advocates who view it as a step toward bridging inequality in access to higher education. The National Association of Nigerian Students (NANS) commended the transparent process, urging NELFUND to extend the scheme to postgraduate students in the future.
However, critics have raised concerns about sustainability, repayment enforcement, and the need to prevent the scheme from being politicized. Economists have cautioned that unless carefully managed, the repayment backlog could affect future disbursements.
In response, the Fund stated that it has implemented a robust digital tracking system to monitor repayments and ensure accountability. It added that a portion of recovered funds will be reinvested to sustain the program for future applicants.
NELFUND’s initiative comes at a time when tuition and living costs in Nigerian universities have risen sharply. Many students say the intervention has come as a lifeline amid the country’s ongoing economic challenges.
As the program expands nationwide, stakeholders are calling for more awareness campaigns to educate students on eligibility, repayment terms, and application procedures to avoid misinformation and delays.
With ₦116.4 billion already disbursed and thousands more awaiting approval, the Nigerian Education Loan Fund stands as one of the most impactful educational reforms in recent years. Its success could define a new chapter in Nigeria’s pursuit of equitable education where financial background no longer dictates academic destiny.
