NELFUND disburses ₦174bn to over 800,000 students as MD urges Nigerian youths to leverage the student loan scheme for education and future growth
The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund has said the agency has disbursed ₦174 billion to more than 800,000 Nigerian students since the student loan scheme was launched in May 2024.
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Mr Akintunde Sawyerr made the disclosure on Tuesday while addressing students during a sensitisation programme organised by the Ogun State Institute of Technology, Igbesa, in Ado Odo Ota Local Government Area of Ogun State.
He said the NELFUND Disburses ₦174bn milestone reflects growing uptake of the Federal Government’s student loan initiative, which aims to ensure that no Nigerian is denied access to quality tertiary education due to financial hardship.
According to Sawyerr, over ₦100 billion of the total amount has been paid directly to tertiary institutions as school fees, while about ₦70 billion has been disbursed to beneficiaries as monthly upkeep.
Each student, he said, receives ₦20,000 monthly to support basic living expenses.
He explained that the agency currently receives between 6,000 and 7,000 applications daily from students seeking to benefit from the scheme, describing the level of interest as unprecedented.
Sawyerr said the student loan initiative was established in line with President Bola Tinubu’s vision to make education a powerful weapon against poverty and social exclusion.
He urged Nigerian youths admitted into government owned tertiary institutions to take full advantage of the scheme to build a secure and productive future.
He noted that more than 70 per cent of Nigeria’s population is under the age of 35, adding that investing in education and vocational training remains the most sustainable way to drive development, attract investment, and strengthen the economy.
Providing further details, Sawyerr said funds have so far been disbursed to about 263 universities, polytechnics, and colleges of education across the country, with payments made directly into the institutions’ accounts to ensure transparency.
Also speaking at the event, the Rector of the Ogun State owned ICT polytechnic, Dr Abiodun Oluseye, praised President Tinubu for prioritising access to tertiary education and expanding opportunities for students from low income backgrounds.
Oluseye said education remains central to social progress and national development, noting that the institution has fully embraced the student loan scheme to ensure its success.
He disclosed that over 200 students of the polytechnic have already benefited, while more than 400 students have applied for the loan for the 2025 to 2026 academic session.
Representing the Olu of Ilaro and paramount ruler of Yewa land, Oba Kehinde Olugbenle, the Olodan of Odan Abuja Sule, Oba Nosiru Teslim Olayemi, also commended the Federal Government for establishing NELFUND.
He urged students to focus on their studies and avoid distractions that could undermine their academic pursuits.
NELFUND was formally launched in May 2024 to provide loans for tuition and upkeep to Nigerian students in government owned tertiary institutions.
Also read: NELFUND warns against fraudulent student loan scam
Beneficiaries are expected to commence repayment two years after graduation and once they have secured employment.
