The Nigerian Education Loan Fund (NELFUND) has announced that over 1.5 million students across 301 tertiary institutions have benefited from its student loan programme, with total disbursements exceeding ₦282.2 billion within two years of operation.

The Managing Director and Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, disclosed this in an interview, describing the initiative as a significant step toward improving access to higher education and easing financial challenges faced by students nationwide.

Sawyerr said the programme has continued to offer relief to indigent students and low-income families struggling with the rising cost of tertiary education, while supporting the Federal Government’s agenda on inclusive education and human capital development.

According to him, the scheme, introduced under the administration of President Bola Tinubu in May 2024, has expanded rapidly across federal and state-owned institutions, ensuring that financial hardship does not prevent qualified students from accessing tertiary education.

He revealed that as of May 5, 2026, a total of ₦282,203,007,657.25 had been disbursed to beneficiaries nationwide under the programme, with 1,586,921 students in 301 public tertiary institutions directly benefiting.

Available records show that ₦183.9 billion was allocated for institutional fees, while ₦98.2 billion was disbursed as upkeep allowances to support students with accommodation, transportation, and other academic-related expenses.

Sawyerr noted that the agency remains committed to transparency, accountability, and efficiency in managing the loan scheme, adding that the adoption of digital verification and payment systems has helped reduce delays and eliminate irregularities.

He also encouraged institutions yet to join the scheme to take advantage of the opportunity, stressing that the initiative was designed to guarantee equal educational opportunities for all Nigerians, regardless of their socio-economic background.

The NELFUND boss further urged beneficiaries to adhere to application guidelines and repayment obligations after graduation, noting that the sustainability of the programme depends on responsible participation.

Stakeholders have continued to commend the initiative, describing it as one of the most impactful education financing programmes introduced in recent years.

Education advocates and student representatives noted that the scheme has helped reduce dropout rates linked to financial hardship and improved access to tertiary education for vulnerable and low-income students across the country.

Since its introduction, the student loan programme has attracted widespread attention, with many describing it as a transformative intervention capable of reshaping Nigeria’s education sector and strengthening national development through investment in human capital.