NELFUND disburses N355.87 billion in student loans

NELFUND student loans higher education funding Nigeria educational financing

The Nigerian Education Loan Fund (NELFUND) has disbursed N355.87 billion in student loans since its portal launched in May 2024. As of September 3, 2026, the fund has processed approximately 1.66 million applications. Of the total disbursed, N192.89 billion was paid to 319 beneficiary institutions for tuition, while N162.98 billion was provided directly to students for upkeep.

NELFUND Managing Director Akintunde Sawyerr stated that the fund is exploring various financing channels to ensure long-term sustainability, noting monthly upkeep costs of approximately N16 billion. Following a directive from President Bola Tinubu, the government is considering using legally recovered and unencumbered public funds—such as those from the Economic and Financial Crimes Commission (EFCC), unclaimed dividends, and dormant accounts—to support the scheme.

The program is a zero-interest facility designed to reduce financial barriers to higher education in Nigeria, with repayments commencing two years after the completion of the National Youth Service Corps (NYSC).

Entities

Akintunde Sawyerr · Bola Tinubu · Economic and Financial Crimes Commission · Nigeria · Nigerian Education Loan Fund · Tunji Alausa

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] N192.89 billion has been paid to 319 beneficiary institutions for institutional fees. thepodiummedia.com · nairametrics.com
[● 2 SOURCES] NELFUND has disbursed N355.87 billion in student loans since May 24, 2024. thepodiummedia.com · nairametrics.com
[○ 1 SOURCE] The fund is exploring multiple financing sources to ensure program sustainability. tribuneonlineng.com
[○ 1 SOURCE] The fund spends approximately N16 billion monthly on students' upkeep allowances. tribuneonlineng.com
[○ 1 SOURCE] Legally recovered and unencumbered funds from the EFCC, unclaimed dividends, and dormant accounts may be transferred to NELFUND. tribuneonlineng.com
[● 2 SOURCES] N162.98 billion has been disbursed directly to students as upkeep allowances. thepodiummedia.com · nairametrics.com
[● 2 SOURCES] The fund has processed 1,659,853 student loan applications. thepodiummedia.com · nairametrics.com

Sources

From Reform To Prosperity: A case for President Tinubu’s re-election [www.worldstagenews.com]

8 days ago

NELFUND Disburses N355. 87 billion in Student Loans, Processes 1. 66 million Applications [thepodiummedia.com]

8 days ago

From reform to prosperity: A case for Tinubu’s re-election [nigeriancurrent.com]

8 days ago

NELFUND not relying on proceeds of crime as funding source —MD, Sawyerr [tribuneonlineng.com]

9 days ago

NELFUND disburses N355. 87 billion in student loans, processes 1. 66 million applications [nairametrics.com]

8 days ago