Nigerian Education Loan Fund (NELFUND) Disburses ₦206 Billion to Students

 

The Nigerian Education Loan Fund (NELFUND) has reached a significant milestone by successfully disbursing over ₦206 billion to more than 1.16 million students across 270 tertiary institutions nationwide. In an announcement made on Tuesday, March 17, 2026, the fund's management revealed that these figures reflect the steady expansion of the scheme since its inception. The initiative, established to remove financial barriers to higher education, has now received over 1.7 million applications, demonstrating strong interest and trust from the student population.

A detailed breakdown of the spending shows that ₦128.84 billion was paid directly to the various institutions to cover tuition fees, ensuring that students remain enrolled without the threat of being barred from classes. Additionally, ₦77.45 billion was distributed directly to the beneficiaries as upkeep allowances to help manage their daily living expenses. This dual funding approach is designed to provide comprehensive support, allowing students from disadvantaged backgrounds to focus entirely on their academic performance rather than financial survival.

Mr. Akintunde Sawyerr, the Managing Director of NELFUND, emphasized during a recent interview that no qualified student should be prevented from sitting for their examinations due to funding delays. He noted that the interest free loans come with flexible repayment options, which only begin once the beneficiary has secured employment and is in a stable position to pay back. This "student-centered" approach has been praised by university administrators, with many institutions now accepting Verified NELFUND status as sufficient proof of payment for exam registration.

The fund continues to grow, with nearly 1,000 new applications being recorded in the latest weekly update alone. This sustained momentum comes at a critical time for Nigerian students facing rising costs of living and educational materials. As NELFUND expands its reach to more specialized and vocational institutions, the government aims to create a more inclusive academic environment where talent and merit, rather than pocket size, determine a student's success in the higher education system.