NELFUND student loan disbursement hits ₦77bn for 396,252 Nigerian students, supporting tuition and upkeep in tertiary and vocational institutions nationwide

The NELFUND student loan disbursement has reached a major milestone with ₦77 billion allocated to 396,252 Nigerian students across the country, including many first-generation undergraduates.

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This was disclosed by the Managing Director of the Nigerian Education Loan Fund, Mr Akintunde Sawyerr, during a media briefing in Abuja. He revealed that over 645,000 applications have been received since the loan portal launched in May 2024.

“Behind each of these numbers are real people, young Nigerians whose dreams were once delayed or denied by circumstance, but who now carry a renewed sense of possibility,” Sawyerr said.

Out of the ₦77.03 billion disbursed so far, ₦41.7 billion was paid directly to 210 institutions as tuition, while ₦35.3 billion went to students as upkeep support. The fund also confirmed that many of the beneficiaries are students from underprivileged backgrounds.

The loan programme, part of President Bola Tinubu’s Renewed Hope Agenda, now covers technical and vocational training institutions.

Sawyerr also highlighted improvements to the loan system, including a globally standardised digital portal, banking migration for easier access, and digital wallet upgrades.

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NELFUND continues to expand, aiming to improve national employment prospects through skills development and affordable education.