By Chimdiogo Amuh 

The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr, says the agency has disbursed a total of ₦174 billion to more than 800,000 students across the country since the commencement of the student loan scheme in May 2024.

Sawyerr disclosed this on Tuesday at a sensitisation programme organised by the Ogun State Institute of Technology, Igbesa, in Ado-Odo/Ota Local Government Area of Ogun State.

According to him, over ₦100 billion of the funds was paid directly to tertiary institutions for students’ school fees, while about ₦70 billion was disbursed to beneficiaries as monthly upkeep allowance.

He explained that beneficiaries receive ₦20,000 monthly as upkeep, adding that NELFUND currently records between 5,000 and 7,000 applications daily from students seeking to benefit from the scheme.

The NELFUND boss noted that the initiative aligns with President Bola Tinubu’s commitment to ensuring that no Nigerian is denied access to quality tertiary education due to financial constraints.

“Education remains one of the top priorities of President Bola Tinubu. He believes it is the strongest weapon against poverty, which is why NELFUND was established to support Nigerian youths,” Sawyerr said.

He added that with over 70 per cent of Nigeria’s population under the age of 35, investing in education—both academic and vocational—would help build a skilled population capable of driving national development and attracting investment.

Providing further updates, Sawyerr said NELFUND has so far disbursed funds to about 263 government-owned tertiary institutions, including universities, polytechnics and colleges of education, with all payments made directly to the institutions’ accounts.

He urged eligible students to take advantage of the loan scheme, stressing that repayment would only begin two years after graduation and upon securing employment.

Also speaking at the event, the Rector of the Ogun State-owned ICT Polytechnic, Dr Abiodun Oluseye, commended President Tinubu for prioritising access to tertiary education and expanding opportunities for students from low-income backgrounds.

Oluseye disclosed that over 200 students of the institution have already benefited from the scheme, while more than 400 others have applied for the 2025/2026 academic session.

He described the student loan initiative as a pathway to securing the future of Nigerian youths and pledged the institution’s full support for its successful implementation.

Representing the Olu of Ilaro and Paramount Ruler of Yewa Land, Oba Kehinde Olugbenle, the Olodan of Odan Abuja-Sule, Igbesa, Oba Nosiru Teslim Olayemi, also praised the Federal Government for establishing NELFUND, noting that the initiative would ease the financial burden on parents and students.

He urged students to remain focused on their studies and avoid distractions that could jeopardise their academic pursuits.

President Tinubu formally launched NELFUND in May 2024 to provide interest-free loans for Nigerian students in government-owned tertiary institutions. Under the scheme, beneficiaries are required to begin repayment two years after graduation and upon gaining employment.