The Nigerian Education Loan Fund (NELFUND) has disbursed tuition and upkeep loans to over 396,000 students nationwide, with a special focus on first-generation entrants into higher institutions. The announcement was made on Thursday by NELFUND’s Managing Director, Akintunde Sawyerr, during a media engagement to mark the scheme’s first anniversary in Abuja.
Sawyerr highlighted that alongside disbursements, NELFUND is building a centralised job portal to connect beneficiaries to employment opportunities locally and internationally. “We don’t just give a loan and leave students on their own. This job portal is our way of supporting their journey towards economic stability,” Sawyerr said, noting the portal would go live in 2026.
Acknowledging President Bola Tinubu’s political will under the Renewed Hope Agenda, Sawyerr described NELFUND as a “foundation for the future,” adding, “Our mandate is bold but clear: to provide equitable education finance that gives every Nigerian child a fair chance, regardless of background or income.”
Since the portal’s launch in May 2024, more than 645,000 applications have been processed through a fully digital platform. The scheme also extends to technical and vocational education, reflecting government efforts to align education with employment and skills development.
Sawyerr admitted the process has faced challenges, including data verification issues and digital wallet failures, but assured continuous system improvements. “We are not just administrators of a loan scheme,” he said. “We are custodians of a national trust.”
He also addressed concerns about delayed tuition refunds, warning defaulting institutions to refund students or risk sanctions from anti-graft agencies. “Institutions must refund this money. It’s disappointing that some schools have ignored this responsibility,” he said.
NELFUND’s Executive Director of Operations, Mustapha Iyal, revealed that the fund is managing over 3.2 million student records and projects one million new applications by year-end. “Our goal is simple—no student should drop out because of financial hardship,” Iyal said.
