Through the Nigerian Education Loan Fund (NELFUND), Tinubu said in his 65th (Nigeria’s) Independence Day speech, said that the government is easing financial barriers to higher education, enabling young Nigerians to dream big, innovate, and build careers across science, technology, sports, and the creative industries.

So far, about 510,000 students in 228 institutions across the 36 states and the FCT have benefited, with total disbursements reaching ₦99.5 billion, including ₦44.7 billion in upkeep allowances as of September 10, the President listed as NELFUND’s achievements.

Techeconomy presents key facts about NELFUND:

What is NELFUND?

NELFUND stands for the Nigerian Education Loan Fund, the body established to administer student loans under the Students Loan (Access to Higher Education) (Repeal & Re-enactment) Act, 2024.

It is a corporate body with powers to sue or be sued, and to hold property, enabling it to carry out its mandate as an autonomous institution.

Akintunde Sawyerr is the first managing director appointed to operationalize and steer the Fund’s implementation.

Mission, Scope & Mandate

NELFUND’s core objective is to remove financial barriers for qualified Nigerian students by providing interest-free loans to cover tuition, institutional charges, and upkeep (living expenses) in public tertiary institutions and approved vocational institutions.

The loans are disbursed in two parts: institutional charges (paid directly to schools) and upkeep (paid to students) after verification.

Because public tertiary institutions operate on different academic calendars, NELFUND has clarified that upkeep payments align with academic sessions to prevent duplicate payments.

Eligibility is limited to students in public tertiary institutions (federal and state), private institutions are not yet covered in initial phases.

Timeline & Early Implementation

The enabling law was signed into effect in April 2024 by President Tinubu.

The portal for NELFUND applications opened starting May 2024.

By its first anniversary, NELFUND had disbursed about ₦56.85 billion in student loans to 298,124 beneficiaries across 198 institutions. Of that, ₦30.18 billion was for institutional (tuition) and ₦26.63 billion for upkeep.

In that same period, over 600,000 students had registered on the portal, and more than 550,000 applications were successfully processed (≈ 92% processing success).

Amount Spent & Financial Breakdown

• ₦56.85 billion disbursed in first full operational year.
  • ₦30.18 billion went to institutions for institutional charges.
  • ₦26.63 billion went to beneficiaries as upkeep allowances.
• The scheme has recorded hundreds of thousands of applications, with a high conversion (approval) rate.
• For example, NELFUND recently disbursed ₦6,972,000 across 10 students at the African Aviation & Aerospace University (AAAU), reflecting how the scheme is being applied even in niche institutions.

Governance, Structure, and Oversight

NELFUND is overseen by a board of directors chaired by Jim Ovie, the founder of Zenith Bank, with representation from ministries (Education, Finance), regulatory agencies, and other stakeholders.

The operational management is distinct, led by the MD (Sawyerr) and staff who execute day-to-day tasks.

Guidelines for operations, verification, disbursement, and repayments are publicly documented in official guidelines.

Challenges and Risks

Verification delays by tertiary institutions have been flagged repeatedly as a bottleneck to timely disbursement.

Because institutions have different academic calendars, aligning upkeep payments fairly is complex, risking duplications or gaps.

Ensuring sustainability is a concern: whether NELFUND can maintain funding levels if demand grows exponentially.

Risk of “debt burden” if economic conditions worsen and graduates struggle with repayment.

Tracking transparency and misuse is critical, public reporting and audit mechanisms must be strong.

Why Tinubu Highlights NELFUND as a Major Achievement

In his Independence Day speech, President Tinubu re-echoed these NELFUND’s achievements, underscoring its strategic importance in his “Renewed Hope” agenda.

The scale and rapid deployment, in just over a year, make it a flagship social program aimed at inclusion, education empowerment, and human capital development.

The disbursements and uptake already seen provide tangible evidence of delivery, helping build public trust and political capital.

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What are the outstanding NELFUND’s achievements for you? Tell us in the comment section:

Within the last 24 hours, NELFUND under the leadership of Mr. Akintunde Sawyerr, the managing director/CEO, recorded a total of 9,687 student registrations, of which 7,975 are completed loan applications.

According to a statement signed by Mrs. Oseyemi Oluwatuyi, director, Corporate Communications, Nigerian Education Loan Fund, this marks the highest in one day since the launch of the student loan application portal on the 25th May 2024.

“This overwhelming surge in interest, underscores the critical role that NELFUND plays in enabling access to higher education, for students facing financial challenges.

“The high number of applications confirms the fact that financial constraints is a major issue that many aspiring higher education students are facing. It reinforces the importance of NELFUND’s work in providing the necessary support to Nigerian youth.

“The Fund recorded this significant milestone in its mission to support students struggling with tertiary education financing across the nation. It is in line with the vision and action of President Bola Ahmed Tinubu (GCFR).

Since the opening of the student loan application portal, NELFUND has recorded and steady and consistent influx of applications, highlighting the pressing need for financial assistance among Nigerian students.

“The Fund hereby urges all students who are experiencing financial difficulties to take advantage of this well-intended opportunity provided by The President, His Excellency, Bola Ahmed Tinubu.

“Eligible students are therefore encouraged to apply for the loan through the NELFUND portal.

“NELFUND’s streamlined application process is designed to be user-friendly, ensuring that students can easily access the support they need.

“The dedicated support team is available to assist applicants throughout the process, providing guidance and answering any questions they may have.

“This milestone is not just a testament to the effectiveness of the Fund’s outreach and the trust that students place in the program and the President’s pronouncement, but also a call to action for those who have not yet applied.

This was disclosed by Akintunde Sawyerr, the managing director/chief executive officer of the Nigeria Education Loan Fund (NELFUND), during a pre-application sensitisation press conference in Abuja, on Monday.

He said 1.2 million students in federal universities, polytechnics, colleges of education, and technical colleges would benefit from the first phase.

Data obtained from the National Universities Commission website indicated that the nation has 226 federal tertiary institutions comprising 62 universities, 41  polytechnics, 96 monotechnics and 27 colleges of education.

Addressing journalists on Monday, ahead of the opening of Friday’s portal, Sawyerr said, “There are approximately 1.2 million students in federal tertiary institutions owned by the government. Today, by inference, 1.2m  students maximum at the federal level (will benefit), but there might be an opportunity to increase the capacity in terms of more institutions, and when we begin to bring in state-owned institutions, then the numbers can go up.’’

He explained that only students whose institutions had uploaded their data on the Fund’s dashboard would be eligible to apply.

While calling on students in federal tertiary institutions to visit the website, www.nelf.gov.ng to apply from May 24, the CEO added that students in state universities and vocational skills centres could apply at a later date.

He said the requirements to apply include the admission letter from the Joint Admissions and Matriculation Board, National Identity Number, and Bank Verification Number as well as completed application forms from its website.

“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions. Applicants can access online support to assist with any questions or concerns during the application process.

“We believe that education is a vital investment for the future. We envisage that the student loan initiative of Mr President is a testament to this commitment,” he said.

One of the key features of the programme, he stressed, is the absence of physical contact between the loan applicant and NELFUND.

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