Tag: The Nigerian Education Loan Fund (NELFUND)

The Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of N154.3 billion as student loans to 788,947 beneficiaries across the country within 19 months of the commencement of the Nigeria Student Loan Scheme.

The Managing Director of NELFUND, Mr Akintunde Sawyerr, disclosed this on Tuesday during a virtual briefing on the implementation of the scheme.

Sawyerr said the beneficiaries were selected from 1,265,509 applications received since the commencement of disbursement on May 24, 2024.

He explained that out of the total amount disbursed, N82.34 billion was paid directly to educational institutions as tuition and approved institutional charges, while N72.02 billion was released to students as upkeep allowances.

According to him, the disbursements covered students in 262 public tertiary institutions nationwide, including universities, polytechnics and colleges of education.

> “As of today, we have turned 788,947 applicants into beneficiaries. We have received 1,265,509 applications in total. We have disbursed N82.34 billion in institutional fees and N72.02 billion for students’ upkeep allowances across 262 institutions,” Sawyerr said.

He attributed the disparity between the number of applications received and approved beneficiaries to multiple applications by individuals and delays in verification by institutions.

> “One individual may apply more than once, and that sometimes leads to double counting. Also, schools are required to confirm that applicants are still bona fide students. Some institutions respond immediately, while others take time,” he explained.

Sawyerr noted that NELFUND processes applications on a daily basis, adding that the most recent dashboard showed 3,008 new applications recorded on Tuesday alone, representing a 0.2 per cent increase from the previous day.

He said that within the previous week, the fund received about 50,000 applications, describing the volume as substantial and requiring thorough screening.

> “We must ensure that there is no fraud. Applications are batched by institutions and sent for verification. Because we are dealing with public funds, speed is important, but safety is more critical so that government money is not lost,” he said.

NELFUND was established following the signing into law of the Nigeria Student Loan Scheme Act by President Bola Ahmed Tinubu in April 2024.

The scheme provides interest-free loans to students in public tertiary institutions to cover tuition fees and essential living expenses.

Under the arrangement, beneficiaries are required to commence repayment only after securing employment upon completion of the National Youth Service Corps (NYSC) programme.

Sawyerr urged eligible students to take advantage of the scheme, stressing that disbursements are strictly cashless.

> “Applicants must have bank accounts. Payments are never made in cash. One payment goes directly to the institution on behalf of the student, while the other is paid to the student as a stipend,” he said.

He clarified that institutional payments cover tuition and other approved charges, excluding accommodation unless confirmed by the loans committee.

The NELFUND boss added that repayment is expected to begin two years after completion of NYSC, particularly for beneficiaries who have secured employment.

The Nigerian Education Loan Fund (NELFUND) has commended the Aliko Dangote Foundation for unveiling a N100 billion annual education scholarship scheme, describing it as a major intervention that will significantly widen access to education financing across Nigeria.

NELFUND said the initiative would help address financial barriers confronting students and strengthen ongoing national efforts to expand access to quality education.

This is contained in a statement issued on Saturday in Abuja by NELFUND’s Director of Strategic Communications, Mr Oseyemi Oluwatuyi.

According to the statement, the scholarship programme was unveiled in Lagos in the presence of Vice President Kashim Shettima, who represented President Bola Tinubu.

NELFUND described the initiative as a bold demonstration of effective private-sector partnership that aligns with President Tinubu’s Renewed Hope Agenda, particularly his commitment to ensuring inclusive and equitable access to education for Nigerian children.

“On behalf of NELFUND, we applaud President Bola Ahmed Tinubu for championing collaborative solutions that strengthen our education system,” the statement quoted the Managing Director of NELFUND, Mr Akintunde Sawyerr, as saying.

Sawyerr said the Dangote Foundation’s N100 billion annual scholarship scheme directly complements the Federal Government’s efforts to remove financial barriers to education and empower the next generation of Nigerian talent.

He noted that the foundation’s decade-long commitment, which targets students in public secondary schools and public tertiary institutions, including a strong Science, Technology, Engineering and Mathematics (STEM) component, would significantly enhance national education financing initiatives.

According to him, the STEM-focused track of the programme is particularly critical to building Nigeria’s future workforce and boosting innovation and human capital development.

Sawyerr further emphasised NELFUND’s readiness to collaborate closely with the Dangote Foundation and relevant government partners to ensure transparency, efficiency and broad national impact in the implementation of the programme.

“NELFUND stands ready to engage, support and work collaboratively to maximise the reach and effectiveness of this programme.

“We are committed to ensuring that no Nigerian is denied educational opportunity due to financial constraints,” he said.

The fund also reaffirmed that sustained collaboration among government institutions, the private sector and development partners remains essential to building a resilient, inclusive and sustainable education ecosystem in Nigeria.

NELFUND said such partnerships reflect President Tinubu’s renewed call for shared responsibility in driving national development.

Meanwhile, it recalled that on Thursday, Dec. 11, 2025, the Chairman of the Dangote Group, Alhaji Aliko Dangote, officially unveiled the N100 billion annual scholarship scheme under the Aliko Dangote Foundation.

The initiative is aimed at keeping financially vulnerable Nigerian students in school and strengthening the country’s human capital base.

According to details of the programme, the 10-year scholarship scheme will commence in 2026 and is expected to begin with about 45,000 beneficiaries.

The number of scholars is projected to increase to 155,000 annually by the fourth year of implementation, with a long-term target of reaching approximately 1.3 million students across Nigeria’s 774 local government areas.

A key component of the initiative is the Aliko Dangote STEM Scholars programme, which will provide tuition support for about 30,000 undergraduate students each year in public universities and polytechnics nationwide.

The STEM scheme is designed to expand access to higher education, promote innovation and equip young Nigerians with skills relevant to national development.