NELFUND deepens public trust in scheme, disburses N161.97bn to 864,798 students –CEO

*Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund, discloses the scheme will expand extensive sensitisation to parents, guardians, traditional rulers, and faith-based institutions across the country

Alexander Davis | ConsumerConnect

The Nigerian Education Loan Fund (NELFUND) has planned to embark on extensive sensitisation across tertiary institutions, to improve awareness and access to the scheme.

NELFUND disclosed the focus would extend awareness to parents, guardians, traditional rulers, and faith-based institutions in the country.

ConsumerConnect reports Mr. Akintunde Sawyerr, Managing Director of the Fund, told reporters Tuesday, January 13, 2026, at a press conference held in Abuja, FCT, on the progress, impact and challenges of the scheme.

Sawyerr revealed NELFUND disbursed N161.97 billion to 864,798 students across Nigeria since the inauguration of its student loan portal.

President Bola Ahmed Tinubu’s administration established the student loan portal as part of efforts at expanding access to tertiary education in the West African country.

The Managing Director of the scheme also described NELFUND as a product of President Tinubu’s Renewed Hope Agenda.

The current administration established NELFUND to ensure that no Nigerian student is denied education because of financial constraints.

Sawyerr further revealed the Fund had received 1,361,011 loan applications from students across Nigeria thus far.

The Chief Executive of the Fund disclosed that out of the N161.97 billion disbursed, N89.94 billion was paid directly to 263 tertiary institutions to cover tuition and institutional charges, while N72.03 billion was paid to students as upkeep allowances.

Sawyerr stated: “As of today, 1,361,011 applications have been received, 864,798 students have so far benefited from the loan scheme, and total disbursement stands at N161.97 billion.

“These includes N89.94 billion paid directly to 263 tertiary institutions for tuition and institutional fees, and N72.03 billion paid directly to students as upkeep allowances.”

According to him, the figures represented tangible impact on students and families, describing them as evidence of barriers being removed and opportunities being created.

Sawyerr said over the past year, NELFUND had embarked on extensive sensitisation across tertiary institutions to improve awareness and access to the scheme.

However, he noted that the new focus would expand to parents, guardians, traditional rulers, and faith-based institutions among other segments of the Nigerian population.

He explained: “Over the last year, NELFUND has undertaken extensive sensitisation and engagement across tertiary institutions nationwide.

“We have worked directly with students, school authorities, and stakeholders to drive awareness, understanding, and access to the scheme.”

The Managing Directory told reporters: “However, as we move into this new phase, we recognise that deepening impact requires broader engagement.

“So this year, our focus will expand to another very important group within the NELFUND ecosystem.”

In respect of upkeep payments, he noted that a reconciliation exercise carried out after the 2024/2025 academic session revealed that 11,685 students had outstanding upkeep payments amounting to N927.98 million.

The outstanding payments were not due to withheld funds or policy failure but resulted from technical and operational issues, said he

Sawyerr explained such issues include network downtime, failed transactions and unvalidated bank account details.

He assured the Management of NELFUND, however, had approved a one-time reconciliation process to resolve the cases, including direct engagement with affected students.

A grace period for updating bank details, multi-layer validation, and prompt payment upon verification had also been approved, he stated.

Sawyerr said that the amended student loan law removal of guarantor requirements, inclusion of upkeep allowances, and the ability to raise and invest funds are key elements supporting long-term sustainability of the NELFUND.

Kindly Share This Story