NELFUND Disburses Over ₦206 Billion to Students and Institutions in Two Years, Says Official

The Nigerian Education Loan Fund (NELFUND) says more than ₦206 billion has been disbursed to students and tertiary institutions across the country within the past two years, in what officials describe as a major step toward expanding access to higher education in Nigeria.

A member of the NELFUND Board, Umar Faruk-Lawal, disclosed this while speaking with journalists in Abuja, noting that the Federal Government’s student loan initiative is already easing long-standing financial barriers that have prevented many young Nigerians from pursuing university and other tertiary education.

According to him, the programme, introduced under President Bola Tinubu’s administration, is designed as an interest-free loan scheme aimed at supporting students from low-income families. He explained that it has significantly reduced dropout rates by ensuring that financial constraints no longer stand in the way of academic progress.

Faruk-Lawal said that before the establishment of NELFUND, many students who gained admission into universities, polytechnics, and colleges of education were often unable to continue their studies due to a lack of funding. He noted that the situation has now changed, as beneficiaries can focus on their education while the scheme covers tuition fees and provides monthly upkeep allowances.

He added that the initiative is already transforming lives, particularly for students from disadvantaged backgrounds who previously saw higher education as financially out of reach. According to him, the programme has made it possible for more Nigerians to pursue their chosen courses with confidence, knowing that essential financial support is available.

The board member also encouraged parents and guardians to take full advantage of the scheme by supporting their children to apply for the loan, stressing that no qualified student should be denied access to education because of economic hardship.

Faruk-Lawal highlighted success stories emerging from the programme, including that of Oladepo Olugbenga, the overall best graduating student of Ladoke Akintola University of Technology, who reportedly graduated with a first-class degree and a cumulative grade point average of 4.89. He said Olugbenga credited part of his academic success to the support received through NELFUND during financially difficult periods.

He described such outcomes as evidence that the programme is having a real and measurable impact on students’ lives while contributing to Nigeria’s broader human capital development goals.

Faruk-Lawal also commended the management of NELFUND for what he called transparent and efficient implementation of the loan scheme, urging beneficiaries to remain focused on academic excellence and make the most of the opportunity provided.

According to figures shared by the agency, more than ₦206 billion has been disbursed since the programme began, reaching over 1.16 million students across 270 tertiary institutions nationwide. Of this amount, about ₦128.84 billion was paid directly to institutions as tuition fees, while ₦77.45 billion was allocated to students as upkeep allowances.

NELFUND was established under the Student Loans Act signed into law by President Bola Tinubu to provide interest-free loans to eligible Nigerian students. The initiative aims to improve access to higher education, reduce dropout rates caused by financial hardship, and support students with both tuition and living expenses.

Since its launch, the programme has become a central part of the Federal Government’s education financing strategy, with officials expressing optimism that continued expansion and awareness will further strengthen Nigeria’s tertiary education system and open more opportunities for young people across the country.