The Nigerian Education Loan Fund (NELFUND) has disbursed N161.97 billion to 864,798 students nationwide since the launch of its student loan portal, the agency announced on Tuesday.
Speaking at a press briefing in Abuja, NELFUND Managing Director Akintunde Sawyerr said the fund, part of President Bola Tinubu’s Renewed Hope Agenda, aims to ensure that no Nigerian student is denied tertiary education due to financial constraints.
“As of today, 1,361,011 applications have been received. Out of this, 864,798 students have benefited from the scheme, with a total disbursement of N161.97 billion,” Sawyerr said. “This includes N89.94 billion paid directly to 263 tertiary institutions for tuition and fees, and N72.03 billion provided to students as upkeep allowances.”
He highlighted that the figures reflect significant progress in expanding access to higher education. “These numbers show that barriers are being removed and opportunities created for students and families,” he said.
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On outstanding payments, Sawyerr noted that a reconciliation exercise after the 2024/2025 session identified 11,685 students owed N927.98 million in upkeep allowances. The delays, he explained, were due to technical issues such as network downtime and unverified bank details. “Management has approved a one-time reconciliation process to resolve these cases, including direct engagement with students and prompt payment upon verification,” he added.
Executive Director of Operations, Mustapha Iyal, confirmed that applications for the 2025/2026 academic session opened in November 2025, with over 280,000 submissions from more than 200 institutions. Loans have already been disbursed to more than 150,000 students, and upkeep payments are set to begin in January.
On loan repayment, Iyal said some graduates who have secured employment have already started repaying their loans.