The Nigerian Education Loan Fund (NELFUND) has disbursed N116 billion to support students across the country, covering institutional fees and monthly upkeep allowances.

Managing Director Akintunde Sawyerr, speaking with the News Agency of Nigeria (NAN) in Abuja, said N65 billion was paid directly to 239 government-owned tertiary institutions, including universities, polytechnics, and colleges of education, on behalf of approved applicants. An additional N51 billion was disbursed as monthly upkeep allowances to beneficiaries.

“We have received 1,067,000 loan applications and have been able to pay fees and upkeep for 624,000 students in 239 government-owned institutions,” Sawyerr said.

He emphasized that the initiative is part of the Bola Tinubu administration’s flagship social investment programs, designed to make tertiary education affordable and inclusive.

Sawyerr addressed concerns about freshers’ fees not being paid before registration, explaining that paying students who have not matriculated could result in financial losses if they changed schools or courses. The Fund is exploring the use of JAMB registration numbers as a temporary substitute for matriculation numbers.

Looking ahead, NELFUND plans to extend its loan scheme to vocational and skills acquisition programs, aligning with the government’s broader education and skills development agenda.

“No nation is built solely by philosophers. We need people who can use their hands, energy, and skills to implement ideas from academia,” Sawyerr noted.

He also highlighted the private sector’s growing interest in supporting students, with companies and philanthropists partnering with NELFUND to fund education for underprivileged Nigerians.

Regarding repayment, graduates begin contributions three years after NYSC, with employers remitting 10% of monthly income, while self-employed beneficiaries make the same contribution directly.

NELFUND in figures:

• Applications received: 1,067,000
• Students benefitting: 624,000
• Institutions paid: 239
• Tuition disbursed: N65 billion
• Monthly upkeep: N51 billion

Sawyerr concluded that the fund has reduced student dropouts, particularly in final years, crediting President Tinubu for enabling access to education for thousands of Nigerians.