Abuja: The Nigerian Education Loan Fund (NELFUND) has announced that it has successfully disbursed over N73.2 billion in interest-free loans to 396,252 students spanning across Nigeria’s 36 states and the FCT. This achievement marks a significant milestone in the fund’s inaugural year of operation.
According to News Agency of Nigeria, during a media engagement held in Abuja, NELFUND Managing Director Akintunde Sawyerr reflected on the progress made since the initiative was launched by President Bola Tinubu. Sawyerr detailed that a total of 645,692 loan applications had been received, with 94 percent processed from 206 tertiary institutions nationwide. This initiative represents the first time in Nigeria’s history that students are gaining structured, interest-free access to education finance through a national public fund.
Sawyerr described the programme as a result of political will aimed at assisting undergraduates at risk of abandoning their education due to financial constraints. He emphasized that the initiative was designed to democratize access to higher education and skill development through sustainable financing. Since the application portal opened in May 2024, there has been substantial progress, with many beneficiaries being first-generation students in tertiary institutions.
He also highlighted the digital and transparent nature of the loan system, which facilitated seamless processing, tracking, and verification. Despite several challenges, including data mismatches, delays in verification, and misinformation, Sawyerr reaffirmed NELFUND’s commitment to transparency and continuous improvement. He noted efforts to improve systems, engage directly with applicants, train institutional focal points, and swiftly address concerns.
Sawyerr warned against the rising tide 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.
