Nigeria’s Education Loan Fund (NELFUND) has paid out N116 billion to settle tuition and upkeep allowances for over 500,000 students across federal and state tertiary institutions, managing director Akintunde Sawyerr announced on Sunday, hailing the scheme as a lifeline for financially strapped scholars.
The funds, released since the programme’s July 2024 launch, cover institutional fees for 217,000 beneficiaries and direct stipends to 310,000 individuals, with disbursements reaching 146 public universities, polytechnics and colleges of education.
“We have disbursed N116 billion in total — N46 billion for institutional fees and N70 billion for upkeep allowances,” Sawyerr told journalists in Abuja.
He added: “This intervention has removed the financial burden that forced many brilliant but indigent students to drop out. We are proud that no qualified applicant has been left behind.”
Sawyerr revealed that applications have surged past 1.2 million, with 510,000 already verified and funded, while processing continues for the remainder under strict eligibility checks.
The scheme, a flagship initiative of President Bola Tinubu’s administration, offers interest-free loans repayable two years after national service, with recovery to begin in 2026.
