NELFUND
Iyunade Grace
The Nigerian Education Loan Fund (NELFUND) has disbursed over N206 billion to more than 1.16 million students across 270 tertiary institutions in Nigeria within 23 months of its establishment by President Bola Ahmed Tinubu. This initiative aims to improve access to higher education, particularly for indigent students.
The disbursement breakdown shows that N128.84 billion was paid directly to institutions to cover tuition fees, while N77.45 billion was allocated to students as upkeep allowances. This dual approach addresses both academic and living expenses, easing financial burdens on students.
NELFUND’s Managing Director, Akintunde Sawyerr, assured that no eligible student would be prevented from sitting for examinations due to financial constraints. The scheme offers interest-free loans with flexible repayment terms, starting two years after completion of the National Youth Service Corps (NYSC) and subject to employment.
Since the loan portal launched in May 2024, NELFUND has received 1,751,669 applications, with 1,164,222 students benef1eficiaries receiving disbursements. The fund has recorded steady growth, with 969 new applications in its latest update.
The Tinubu Media Support Group praised NELFUND’s performance as a significant milestone and transformative intervention in Nigeria’s education sector. The initiative aligns with the administration’s Renewed Hope agenda, expanding access to higher education.
NELFUND continues to gain momentum, with 270 tertiary institutions participating and over 1.16 million students benefiting. The fund reiterates its commitment to transparency, timely disbursements, and expanding coverage to reach more deserving students.
