Manny Ita –
The Nigerian Education Loan Fund (NELFUND) has announced that it has disbursed more than ₦206 billion in student loans to support tertiary education across the country, with over 1.1 million Nigerian students benefitting from the scheme since its rollout.
The development marks one of the largest financial interventions in Nigeria’s education sector in recent years, as the government seeks to expand access to higher education and ease the financial burden on students and their families.
According to officials of NELFUND, the loans were distributed to eligible students in universities, polytechnics, and colleges of education across the federation. The disbursements cover tuition payments made directly to institutions as well as stipends for students’ upkeep, depending on the category of the approved loan.
NELFUND stated that the initiative forms part of the federal government’s broader policy to ensure that financial constraints do not prevent qualified Nigerians from obtaining tertiary education.
The Managing Director of NELFUND, Akintunde Sawyerr, said the scale of the disbursement demonstrates the government’s commitment to investing in human capital development.
“We are pleased with the progress we have recorded so far. The disbursement of over ₦206 billion to more than 1.1 million students shows that the student loan scheme is achieving its primary objective of expanding access to higher education,” Mr Sawyerr said.
He explained that the fund continues to process applications from thousands of students across the country, noting that transparency and accountability remain central to the implementation of the programme.
“Our goal is to ensure that every eligible Nigerian student who needs financial support for their education can access it without unnecessary obstacles,” he added.
The student loan programme was established following the enactment of the Student Loan Act signed by President Bola Ahmed Tinubu, which created a framework for interest-free loans for Nigerian students enrolled in public tertiary institutions.
Under the arrangement, repayments are expected to begin two years after beneficiaries complete their National Youth Service Corps (NYSC) programme or secure employment, with deductions tied to the borrower’s income level.
Education policy analysts say the intervention could significantly increase university enrollment and retention rates, particularly among students from low-income households who previously struggled to pay tuition and living expenses.
However, some stakeholders have also called for strong monitoring mechanisms to ensure that funds are properly utilised and that repayment structures remain sustainable in the long term.
NELFUND officials said the agency will continue to expand the programme and strengthen its digital application and verification systems to accommodate more students seeking financial assistance for their education.
