The Nigerian Education Loan Fund (NELFUND) has disbursed ₦154.37 billion in interest-free loans to 788,947 students nationwide within its first 18 months of operation.

The Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, made this known during a virtual media roundtable with journalists, noting that the scheme is designed to be transparent and accessible to all Nigerian students enrolled in government-owned tertiary institutions.

According to him, beneficiaries include students in public universities, polytechnics and colleges of education, as well as selected technical colleges and schools of nursing. Sawyerr disclosed that as of December 9, 2025, the Fund had received 1,265,509 loan applications from students across the 36 states and the Federal Capital Territory (FCT).

Out of the total applications, 788,947, representing 62.3 per cent,  were approved and fully disbursed. He explained that the shortfall was largely due to the continuous influx of applications and delays or inaccuracies in information submitted by applicants and their institutions.

Sawyerr said NELFUND conducts a rigorous screening process within a maximum of 30 days to ensure that only eligible students benefit from the scheme.

A breakdown of the disbursement shows that ₦82.35 billion was paid directly to 262 tertiary institutions to cover tuition and mandatory fees, while ₦72.02 billion was released to students as monthly upkeep allowances.

He stressed that the loan scheme operates on a fully digitised platform built to global standards, eliminating cash transactions and ensuring efficiency, transparency, tracking and verification.

Reiterating that incomplete or inconsistent data remains the major reason some applications are unsuccessful, Sawyerr urged students to apply correctly and promptly. He also encouraged eligible students to take advantage of the interest-free loan, highlighting its flexible repayment structure.

Under the scheme, beneficiaries are required to repay only the amount borrowed, starting two years after completing the mandatory one-year National Youth Service Corps (NYSC) programme and securing employment.

Sawyerr further revealed that President Bola Tinubu has indicated interest in extending the scheme to students in private institutions, although current funding constraints make such expansion unfeasible at the moment.

He appealed to students in public institutions and their parents to fully embrace the initiative, noting that it would ease financial burdens, improve access to education, boost enrolment and retention, and enhance overall learning outcomes.