The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has disclosed that the Federal Government has disbursed a total of ₦174 billion to over 800,000 students across 263 tertiary institutions since the launch of the student loan scheme in May 2024.
Sawyerr also urged Nigerian youths to take full advantage of the initiative, describing education as the most sustainable path to personal growth and national development.
He made this known on Tuesday during a sensitisation programme organised by the Ogun State Institute of Technology, Igbesa, in Ado-Odo/Ota Local Government Area of Ogun State.
Giving a breakdown of the disbursement, the NELFUND boss said over ₦100bn had been paid directly to institutions for students’ school fees, while about ₦70bn had been released to beneficiaries as monthly upkeep.
According to him, each student receives ₦20,000 monthly, paid consistently to support living expenses throughout the academic session.
“As of this morning, we have disbursed ₦174bn. Over 800,000 students have benefited so far. We have disbursed more than ₦100bn directly to institutions and about **₦70bn to students as upkeep—₦20,000 per month, paid every month,” Sawyerr said.
Sawyerr revealed that the fund receives an average of 6,000 to 7,000 applications daily, underscoring the growing demand for the scheme among Nigerian students.
“In the last 24 hours alone, we received 6,000 new applications. On average, we see between 5,000 and 7,000 applications daily. So far, we have disbursed funds to about 263 institutions, universities, polytechnics and colleges of education. These funds are paid directly into the institutions’ accounts,” he added.
Why Tinubu Established NELFUND
The NELFUND MD explained that the initiative was born out of President Bola Tinubu’s commitment to ensuring that no Nigerian is denied access to quality tertiary education due to poverty or lack of funds.
“Education is one of the topmost priorities of President Bola Tinubu. The President believes that education is the greatest weapon against poverty and so he doesn’t want any Nigerian to be deprived of having a qualitative tertiary education due to financial difficulties, hence the establishment of NELFUND,” he said.
He stressed that students admitted into government-owned tertiary institutions should apply for the loan, noting that NELFUND pays school fees directly to institutions while also supporting students with monthly upkeep.
Sawyerr further highlighted the importance of investing in young people, noting that more than 70 per cent of Nigeria’s population is under the age of 35.
“Over 70 per cent of our population is under 35. If these young people take advantage of education—whether academic or vocational—we will build an educated population capable of driving development and attracting investment. That is the strongest form of sustainability we can achieve,” he said.
Also speaking at the event, the Rector of the Ogun State-owned ICT polytechnic, Dr Abiodun Oluseye, commended President Tinubu for what he described as an unprecedented investment in expanding access to tertiary education.
“If you come from a poor family, or from parents who struggle to send you to school, you will understand how important this initiative is. Education cleanses society. It is through education that society heals, progresses, and moves forward,” Oluseye said.
The rector disclosed that more than 200 students of the institution had already benefited from the loan scheme, while over 400 students had applied for the facility for the 2025/2026 academic session.
He added that the polytechnic had fully embraced the initiative, noting that the sensitisation programme was organised to ensure students had proper information and understanding of NELFUND.
Oluseye urged students to key into the scheme, describing it as a pathway to securing their future.
Representing the Olu of Ilaro and Paramount Ruler of Yewa land, Oba Kehinde Olugbenle, the Olodan of Odan Abuja-Sule, Igbesa, Oba Nosiru Teslim Olayemi, praised the Federal Government for establishing NELFUND.
He said the initiative would ease the burden on parents and students, urging beneficiaries to remain focused on their studies.
The monarch advised students to reciprocate the gesture by shunning distractions that could derail their academic pursuits.
Naijaonpoint recalls that President Tinubu flagged off the Nigerian Education Loan Fund in May 2024 to provide interest-free loans for Nigerian students seeking tertiary education.
Under the scheme, beneficiaries are expected to begin repayment two years after graduation and upon securing employment.