In a major boost for tertiary education access in Nigeria, the Nigeria Education Loan Fund (NELFUND) has released over ₦154 billion to support 788,947 students across 262 public tertiary institutions nationwide under the federal government’s expanded student loan scheme. The announcement marks a significant milestone in efforts to alleviate financial barriers to higher education for Nigerian youths.
Massive Disbursement to Tuition and Student Stipends
NELFUND Managing Director Akintunde Sawyerr revealed the latest figures during a virtual briefing with journalists, confirming that the total funding included more than ₦82 billion paid directly to institutions to cover students’ tuition fees and over ₦72 billion released as upkeep stipends to students. Each beneficiary receives a ₦20,000 monthly allowance to assist with living expenses while studying.
The funding is part of a broader expansion of the student loan programme under the revised NELFUND Act, which was signed into law by President Bola Tinubu in April 2024. The new legal framework removed earlier restrictions — including income ceilings, lack of student stipends, and guarantor requirements — making the scheme more inclusive and accessible to students from a wider range of socio-economic backgrounds.
How the Scheme Works
The student loan scheme operates entirely online through the official NELFUND portal, a move designed to cut down on bureaucracy, reduce corruption risks, and ensure a transparent application process. Eligible applicants must be Nigerian students admitted through JAMB into public universities, polytechnics, or colleges of education, have a National Identification Number (NIN), and possess a verified bank account.
NELFUND officials also highlighted that applications are verified directly with institutions before any funds are released. This ensures that loans are properly allocated to bona fide students and recorded in institutional systems. For first-year students still awaiting matriculation numbers, NELFUND allows the use of JAMB registration numbers to facilitate inclusion.
Record High Applications and Sensitisation Efforts
According to NELFUND’s status reports, the fund has received over 1.26 million applications since the portal’s launch, reflecting strong interest and demand for financial support among Nigerian students. The gap between total applications and beneficiaries is attributed to verification requirements, repeat applications, and confirmation delays from some institutions.
To strengthen uptake and awareness of the programme, NELFUND has embarked on nationwide sensitisation campaigns, reaching tens of thousands of students as well as community leaders, traditional rulers, and state stakeholders to ensure broad engagement and understanding of the scheme’s benefits.
Transparency and Accountability in Focus
Addressing concerns about trust and accountability, Sawyerr emphasised that NELFUND publishes its disbursement figures daily and maintains a complete electronic payment trail. Students and institutions can independently verify when and how much was paid, reinforcing transparency in the process.
The loan scheme has been structured to be interest-free, with repayment scheduled to begin two years after completion of the National Youth Service Corps (NYSC) and only once the graduate secures formal employment. This approach aims to ensure that repayments are manageable and tied to economic opportunities.
Impact on Students and Education Access
Students supported by the scheme have welcomed the programme as a game-changer, with beneficiaries across the country reporting that access to tuition payments and stipends has eased financial burdens and allowed them to focus more on their studies and future careers. Their testimonials highlight how the fund helps not just with fees but also with daily living needs, making education more sustainable for families.
A Strategic National Initiative
The expansion of NELFUND’s student loan scheme reflects the federal government’s broader commitment to widening access to tertiary education, reducing drop-out rates due to financial constraints, and building human capital for Nigeria’s future. By embedding transparency mechanisms and digitised processes, the programme seeks to ensure that support reaches intended beneficiaries and contributes to national development goals.
As the scheme continues to evolve and reach more students, Nigeria’s youth population stands to benefit significantly from increased educational opportunities — laying the groundwork for a more skilled and empowered generation.
