Nigerian Education Loan Fund (NELFUND) Disburses ₦154.4bn Interest-Free Loans to 788,947 Students in 18 Months
The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦154.4 billion in interest-free student loans to 788,947 Nigerian students within 18 months of operation, marking a major milestone in the Federal Government’s drive to improve access to higher education.
This disclosure was made by the Managing Director and Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, during a virtual media roundtable with journalists. According to him, the student loan scheme was designed to be transparent, inclusive, and accessible to eligible Nigerian students enrolled in government-owned tertiary institutions.
Over 1.2 Million Applications Received Nationwide
Sawyerr revealed that as of 9 December 2025, NELFUND had received 1,265,509 loan applications from students across Nigeria’s 36 states and the Federal Capital Territory (FCT). Out of these applications, 788,947 students, representing 62.3 percent, were successfully processed and have already received their funds.
The loan scheme currently covers students in public universities, polytechnics, colleges of education, as well as selected technical colleges and schools of nursing, ensuring broad national coverage.
Interest-Free Loans With Flexible Repayment
The NELFUND CEO emphasized that the education loans are completely interest-free, easing the financial burden on students and their families. Beneficiaries are required to repay only the exact amount borrowed, without any additional charges.
Repayment will commence two years after completing the mandatory one-year National Youth Service Corps (NYSC) programme and only after the beneficiary secures employment, making the scheme student-friendly and economically considerate.
Sawyerr encouraged students to take full advantage of the initiative, noting that the flexible repayment structure allows graduates to stabilize financially before loan obligations begin.
Possible Expansion to Private Institutions
The NELFUND boss also disclosed that President Bola Ahmed Tinubu has shown willingness to extend the student loan scheme to private tertiary institutions in the future. However, he clarified that current financial limitations prevent the immediate inclusion of private school students.
Despite this challenge, Sawyerr assured Nigerians that the government remains committed to expanding the programme as resources improve.
Call to Students and Parents
Appealing directly to students in public institutions, Sawyerr urged them to fully utilise the Nigerian Education Loan Fund, stressing that financial constraints should no longer hinder academic pursuits. He also encouraged parents and guardians to support their children in applying for the loan to reduce financial pressure and improve academic focus.
Boosting Enrolment and Learning Outcomes
Commending President Tinubu for initiating the scheme, the NELFUND CEO reiterated that the student loan programme is expected to increase enrolment, improve student retention, and enhance overall learning outcomes across Nigeria’s tertiary education sector.
With over ₦154 billion already disbursed, the Nigerian Education Loan Fund continues to play a critical role in transforming access to education and supporting the country’s long-term human capital development.
