NELFund: We’ve disbursed N20bn in loans to 192,906 tertiary school students

The management of the Nigerian Education Loan Fund (NELFund) says it has disbursed N20 billion in loans to 192,906 tertiary school students.

In a statement, Akintunde Sawyerr, NELFund MD, clarified reports that the body paid out over N104 billion to 600 beneficiaries.

Sawyer said the reports are inaccurate.

He explained that a total of 364,042 student loan applications had been received as of February 3, 2025.

He said the actual figure disbursed by the scheme is N20,074,050,000 to about 20,000 students.

The MD stated that an additional N12,818,960,000 was disbursed to N169,114 students with each receiving N20,000.

“As of February 3, 2025, NELFund has received a total of 364,042 student loan applications. So far, the Fund has disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions,” Sawyerr’s statement read in part.

“Additionally, for upkeep, NELFund has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000.

“We appreciate the unwavering support of President Bola Ahmed Tinubu (GCFR) in making higher education accessible to all deserving Nigerian students.

“NELFund remains committed to transparency and efficiency in managing the student loan scheme and will continue to provide accurate updates as disbursements progress.”

President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.

The scheme was to commence in October 2023 but implementation was repeatedly deferred until a re-enactment in April 2024.

NELFund opened the loan application portal on May 24, at which time a pilot phase that served only federal tertiary institutions began.

The NELFund loan funds institutional fees paid directly to the campus and a monthly upkeep allowance of N20,000 paid to the student.

The repayment process for the loans begins two years after a recipient completes youth service, provided they are employed.

NELFund said 10 per cent of an applicant’s earnings is to be deducted by an employer and remitted until the loan is fully refunded.