In its inaugural year, the Nigerian Education Loan Fund (NELFUND) has provided more than N73.2 billion in interest-free loans to 396,252 students across the 36 states and the Federal Capital Territory.
The milestone was disclosed on Thursday during a media briefing in Abuja by NELFUND Managing Director, Akintunde Sawyerr, who gave an overview of the Fund’s progress since it was launched by President Bola Tinubu.
Sawyerr revealed that 645,692 loan applications had been submitted, with 94 percent already processed from 206 higher institutions nationwide.
“For the first time in our nation’s history, students are gaining structured, interest-free access to education finance through a national public fund,” he said.
He described the programme as a testament to strong political will, developed to support undergraduates who may otherwise drop out due to financial hardship.
According to him, the scheme aims to make tertiary education and vocational training more accessible through a sustainable financing model.
“Since our application portal opened in May 2024, we’ve seen measurable and meaningful progress.
“Many of the beneficiaries are first-generation students in tertiary institutions,” he added.
Sawyerr emphasized the digital and transparent structure of the loan system, which ensures efficient processing, tracking, and verification.
Still, he noted that the initiative had encountered a number of challenges, such as data inconsistencies, verification delays, and the spread of false information.
Despite these hurdles, he reassured the public of NELFUND’s dedication to accountability and ongoing system upgrades.
“We’ve remained steadfast, improving our systems, engaging applicants directly, training institutional focal points, and addressing concerns swiftly,” he said.
Addressing the issue of misinformation on social media, Sawyerr warned that unverified claims could damage the integrity and public trust in the Fund.
He urged Nigerians to rely on official communication channels for accurate information.
