NELFUND Disburses N303bn to 850,000 Students
NELFUND says it has paid over N303 billion to 850,000 students, easing access to tertiary education across Nigeria.
The Nigerian Education Loan Fund (NELFUND) has disbursed more than N303 billion to about 850,000 Nigerian students within two years, strengthening access to tertiary education across the country. The NELFUND loan scheme has recorded more than 1.5 million loan disbursements, with many students receiving payments for both institutional fees and monthly upkeep.
NELFUND Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, disclosed the figures during an exclusive interview with Vanguard on Wednesday. He said the programme, created under the Nigerian Education Loan Fund Act signed into law by President Bola Ahmed Tinubu on April 4, 2024, and launched on May 24, 2024, has eased financial pressure on students and their families.
According to Sawyerr, 315 public tertiary institutions, including federal and state universities, polytechnics and colleges of education, have received institutional fee payments through the NELFUND loan scheme. Eligible students also receive a monthly upkeep allowance of N20,000.
He said, “Within about 25 to 26 months, we have disbursed over N303 billion to Nigerians who genuinely need educational support. The bulk of the money has gone towards institutional fees, while we have also been paying monthly upkeep to students.” He added that the programme has helped students continue their education without carrying the financial burden alone while also reducing pressure on parents.
Sawyerr said the NELFUND loan scheme currently covers about 80 per cent of eligible public tertiary institutions. He explained that participation depends on applications from qualified students, while limited awareness and delays in submitting student records have slowed progress in some schools.
He also acknowledged complaints from students who paid their fees before NELFUND released funds. According to him, affected institutions must refund those students. He noted that while some schools have already complied, others are still processing refunds because of administrative procedures. He said agencies including the ICPC and EFCC, alongside student unions, are encouraging compliance, although NELFUND has no legal authority to sanction institutions.
Responding to concerns about rising tuition fees, Sawyerr rejected claims that the programme caused the increases, saying fee adjustments began before the establishment of NELFUND. He added, “If NELFUND were scrapped today, the hardship would certainly be much worse.”
He further explained that only students in public tertiary institutions can currently benefit from the scheme because of existing legal provisions. He said extending the programme to private institutions would require amendments to the law and careful consideration of available resources.
On loan repayment, Sawyerr said beneficiaries will begin repayment two years after completing the National Youth Service Corps (NYSC). Employers will verify loan status through a database linked to the National Identification Number (NIN), deduct 10 per cent of eligible employees’ salaries and remit the funds to NELFUND. He warned that employers who fail to comply with the law will face penalties outlined in the NELFUND Act.
What impact do you think the NELFUND loan scheme will have on access to higher education in Nigeria over the coming years?
